Infosys surges 5%; Q2 earnings, Rs 9,300 cr share buyback lifts sentiment

The IT major has increased the lower end of the revenue guidance keeping upper end constant i.e. revenue guidance changed from 14-16 per cent to 15-16 per cent in constant currency terms.

Shares of Infosys rallied 5 per cent to Rs 1,487.70 on the BSE in Friday’s intra-day trade after the IT major posted better-than-expected 11 per cent year-on-year (YoY) growth in consolidated net profit at Rs 6,021 crore for the September quarter and announced buyback of shares worth Rs 9,300 crore.

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"Infosys' Q2-FY23 results were ahead of estimates, with revenues in line with esimates, but margins (up 140bps QoQ to 21.5%) surprised positively due to lower subcontracting costs and drove the earnings beat. While the size of the buyback is