Infosys Q3 net at Rs 2,369 cr; higher rev guidance cheers mkt

Infosys scrip opened on a positive note, welcoming the results, and surged 16.09 per cent to Rs 2,693.80 at 1150 hrs.

Though net profit was down marginally compared to Rs 2,372 crore in the same period last year, revenues (including that of acquired Swiss firm Lodestone) were up 12.1 per cent to Rs 10,424 crore.

Revenues stood at Rs 9,298 crore in the year-ago period.

"We have done well in this quarter despite an uncertain environment. We continue to gain confidence from a strong pipeline of large deals," Infosys CEO and Managing Director S D Shibulal told reporters here.

This (client) addition has been one of the highest in the last few quarters, he said, adding that the net addition was 25 clients which excludes Lodestone.

"During the quarter, Infosys won eight large deals, amounting to over USD 700 million," Shibulal said.

In dollar terms, profit dipped by 5.2 per cent to USD 434 million in the reported quarter, but revenues were up by 5.8 per cent to USD 1,911 million in the quarter under review.

The company has raised its sales forecast for FY'13 to be "at least USD 7.45 billion" (from USD 7.34 billion stated earlier), including USD 104 million in additional revenue from Lodestone. This is about 6.5 per cent growth over last year.

Infosys had guided to a dollar revenue growth of 8-10 per cent at the start of the fiscal, but later slashed it to five per cent, citing uncertain economic environment.

"Results were extraordinary and ahead of market expectations. After couple of disappointing quarters, Infosys has delivered a positive result on almost all fronts. Also, the management comments were positive. All these factors are driving the stock up," Ashika Stock Brokers Research Head Paras Bothra said. MORE