Infosys reports 24% jump in quarterly profit
Indian software giant Infosys on Thursday reported a jump of nearly 24 per cent in quarterly profit, largely in-line with expectations.
Infosys, India's second leading software services exporter, announced that its net profit jumped to Rs 23.7 billion in the July-September quarter of this year, from Rs 19.06 billion in the corresponding period of previous year.
Analysts had projected Rs 23.8 billion net profit Infosys' second quarter. In the April-June quarter, the firm had posted 33 per cent year-on-year jump in quarterly profit.
Quarter-on-quarter, Infosys' net profit jumped 3.5 per cent to settle at Rs 2,369 crore. Profit before interest & tax slipped from Rs 2,693 crore to Rs 2,597 crore.
Revenues climbed 2.52 per cent, from Rs 9,616 crore in the second quarter of previous fiscal year to Rs 9,858 crore in same quarter of this year.
The software firm maintained its revenue growth forecast for the whole fiscal year at 5 per cent. But, it slashed its view for profits per American Depository Share from $3.03 to at least $2.97, making adjustment in it for the currency exchange rate.
Infosys has also announced that its outgoing Chief Financial Officer V. Balakrishnan would be replaced by Vice President Finance Rajiv Bansal. Balakrishnan will give up his position on 31st of October. However, he will continue as a member of the company's board.