Infosys dips 2% post Q1 results

Infosys Technologies is trading 2% lower at Rs 2,828, after the company posted a 2.42% fall in net profit for the first quarter ended June 2010 on year-on-year basis.

The group has posted a consolidated net profit of Rs 1,488 crore for the quarter ended June 2010, as compared to Rs 1,525 crore for the quarter ended June 2009. However, the total Income increased from Rs 5,741 crore in the year ago quarter to Rs 6,437 crore during the quarter ended June 2010.

The company and its subsidiaries had added 38 clients and added 8,859 gross employees (net addition of 1,026) during the quarter.

“While the global economic environment remains uncertain, we continue to see greater demand for services from our clients. The Challenge for the industry is to enhance the investment to grow the business, given the uncertainty in the environment” said S Gopalkrishnan, CEO and Managing Director of the company.

“The company expected income to be in the range of Rs 26,441 crore to Rs 26,885 crore; YoY growth of 16.3% to 18.2%. Earning per share (EPS) is expected to be in the range of Rs 112.21 to Rs 116.73; YoY growth of 2.9% to 7.1%“the company said in its statement to the stock exchange.

The stock opened at Rs 2,869 and touched low of Rs 2,825 on the BSE in morning trades. Around 82,000 shares have changed hands in opening deals.