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Infosys stock soars 15% as Q1 results meet market estimates

Bangalore, PTI | Updated : 12 July 2013, 10:04 AM

IT major Infosys on Friday reported nearly 4 percent increase in consolidated net profit to Rs 2,374 crore for the first quarter ended June 30, 2013.

The Bangalore-based firm had reported a net profit of Rs 2,289 crore in the year-ago period, it said in a BSE filing.

Consolidated revenue for the reported quarter was up 17.2 percent to Rs 11,267 crore from Rs 9,616 crore in the year-ago period.

Reacting to the results, shares of the firm today opened upwards by 13.21 percent at Rs 2,862.35 apiece from their previous close on the BSE.

While, India's second largest software services exporter kept its US Dollar revenue guidance unchanged at 6-10 percent for this fiscal, it revised its rupee revenue guidance upwards to 13-17 percent from 6-10 percent for the same period.

"Despite facing an uncertain macro environment, changing regulatory regime and a volatile currency environment, we have done well in Q1 and are cautiously optimistic about rest of the year," Infosys CEO and Managing Director S D Shibulal said.

In US dollar terms, its consolidated net profit rose marginally by 0.5 percent to USD 418 million in the April-June quarter this fiscal from USD 416 million in the same quarter of 2012-13.

Its consolidated revenues rose by 13.6 percent to USD 1.99 billion against USD 1.75 billion in the same period last year.

"We maintained our margins and continued making investments in the business. We have announced compensation increases for FY'14 effective July, which will affect our margins in the future quarters," Infosys Chief Financial Officer Rajiv Bansal said. 

First Published: Friday, July 12, 2013 09:59 AM
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