Infosys Q1 Net up 21.6 pc on higher biz from Europe

IT major Infosys today reported a healthy 21.6 per cent growth in consolidated net profit for the first quarter, helped by increase in business from Europe and improved operational efficiency.
S D Shibulal, CEO & MD Infosys, who will be succeeded by Vishal Sikka next month, said, "...I think we are leaving behind a stronger Infosys on which Vishal and Pravin Rao (newly appointed COO) and their team can actually capatilise- on the foundation that has been laid over the last 33 years, and on the foundation which has been strengthened over the last three years".
Driven by increase in business from Europe and improved operational efficiency, the city-based firm posted consolidated revenue increase of 13.3 per cent to Rs 12,770 crore from Rs 11,267 crore in the same quarter of 2013-14.

The company had posted a net profit of Rs 2,374 crore in the year-ago period.
Announcing the results, Shibulal told reporters here that growth remains a priority for the firm.
For 2014-15, Infosys retained its conservative revenue guidance of 7-9 per cent in USD terms and 5.6-7.6 per cent in rupee terms, much below Nasscom's industry growth outlook at 13-15 per cent in dollar terms.

He said: "We have not been happy with our own performance; we have not been satisfied with our own performance over the last two years. It is important for us to have a sustainable growth and industry standard growth".

"If you look at Infosys our aspiration is always superior financial performance....; so growth remains our top priority, and I'm sure that it remains top priority for Vishal and Pravin also," he added.
Infosys shares today closed one per cent higher at Rs 3,325.80 on the BSE.
Shibulal, one among the co-founders of the company will step down as CEO & MD and from the Infosys Board on July 31, 2014 to pave the way for Sikka who has been inducted as a whole-time director of the Board and CEO & MD (Designate) on June 14 last.
Sikka will be the first non-founder chief and an outsider to take the top job at the company.