Infosys Q2 net up 24.3% at Rs 2,369 cr

Citing global economic uncertainties, Infosys lowered its revenue growth guidance for the current financial year to 17.3 per cent setting off alarm bells.

The company's net profit was Rs 1,906 crore for the same quarter last fiscal (2011-12).

Infosys said in a statement that its revenues were up 21.7 per cent at Rs 9,858 crore during the second quarter, from Rs 8,099 crore in the year-ago period.

Infosys, which has undergone a slew of management changes in the last one year, said V Balakrishnan will give up his position as CFO from October 31.

"Global economic uncertainties continue to face the industry. We have increased employee wages, used some of our cash in a transformational acquisition of a consulting business and enhanced our investment in R&D and solutions," Infosys CEO and Managing Director S D Shibulal said.

These initiatives will position us well in the industry and provide a strong platform for future growth, he added.

Reacting to the results, the company's scrip tumbled 7.76 from yesterday's close to Rs 2,335 apiece on the BSE. It recovered a little, but was still down 5.6 per cent at Rs 2,390 at 1043 hrs.

"The result is in line with street expectations but weak guidance pulled down the scrip on the bourses," CNI Research CMD Kishore Ostwal said.

For the fiscal 2012-13, the company has lowered its rupee revenue guidance to be 'at least' Rs 39,582 crore (year-on- year growth of 17.3 per cent), from Rs 40,364 crore estimated earlier.