Infosys Q1 net rises 32.92% at Rs 2,289 crore

The company had posted a net profit of Rs 1,722 crore for the April-June quarter of the previous fiscal (2011-12), Infosys said in a filing to the BSE.

Reacting to the results, the scrip of Infosys tumbled 9.42 per cent to Rs 2,233.95 at the BSE from its previous close since it failed to meet its dollar revenue guidance and also cut its dollar forecast for FY 2013.

The company's revenues up 28.47 per cent to Rs 9,616 crore in the first quarter from Rs 7,485 crore in the year-ago period. In dollar terms, the company's revenue stood at USD 1,752 million against USD 1,671 million in the same quarter last year, up 4.8 per cent.

Though the company exceeded its revenues forecast in rupee terms, it failed to meet dollar revenue guidance of USD 1,771 million to USD 1,789 million for the quarter.

It had expected its rupee revenues to be in the range of Rs 9,011 crore and Rs 9,100 crore for April-June 2012.

In Q1, rupee revenues of software companies are expected to rise marginally on the back of depreciating rupee.

Infosys did not give a revenue guidance for July- September quarter, but revised its annual forecast for FY13 to be atleast Rs 40,364 crore (year-on-year growth of 19.7 per cent) against previous guidance of Rs 38,431 crore-Rs 39,136 crore.

However, in dollar terms it has slashed its forecast of revenue to be atleast USD 7.34 billion (a growth of 5 per cent y-o-y) against earlier guidance of USD 7.55 billion-USD 7.69 billion (a growth of 8-10 per cent y-o-y).

This is much lower than Nasscom's growth estimate of 11-14 per cent for the industry in FY 2013.