Infosys Q2 net up 24% at Rs. 2,369 cr, stock tanks 7.2%

IT bellwether Infosys has posted a 3.4 per cent rise in net profit at Rs 2,369 crore during the second quarter of the 2012-13 fiscal on a sequential basis. Its revenues increased 2.5 per cent to Rs 9,858 crore during the same period.

On a year-on-year basis, net profit grew 24.29 per cent, while revenues were up 21.7 per cent.

Operating profit decreased 3.6 per cent to Rs 2,597 crore, while gross profit too declined 1.3 per cent to Rs 3,756 crore. Its revenues from North America, its biggest market, decreased to 63.9 per cent from 64.1 per cent on a sequential basis.

Revenue growth

Infosys said its revenues are expected to be at least $7.343 billion with a year-on-year growth of five per cent.

"Global economic uncertainties continue to face the industry,” said S.D. Shibulal, CEO and Managing Director of Infosys.

“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. These initiatives will position us well in the industry and provide a strong platform for future growth.”

Interim dividend

Infosys said its board has declared an interim dividend of Rs 15 per equity share.

Infosys' stock tanked 7.19 per cent to Rs 2,349.5 following the disappointing results.

Source: Business Standard