Infosys posts better-than-expected quarterly results; shares jump
Shares of software services exporter Infosys jumped more than 2 per cent in early trade on Friday after the company posted a better-than-expected results for the December quarter.
Infosys announced that its adjusted net profit jumped 19.4 per cent quarter-on-quarter to Rs 2,875 crore in the October-December quarter of 2013. Sales jumped to Rs 13,026 crore.
A group of analysts had projected the company's net profit and sales at Rs 2,786 crore and Rs 13,063 crore, respectively.
The company's operating margins jumped to 25 per cent, up from analysts' average projected figure of 24.1 per cent. Dollar revenue was reported at $2100 million.
S D Shibulal, chief executive and managing director of Infosys, said, "The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and clients are gaining confidence to invest in their strategic initiatives."
Following the announcement of the December quarter results, Infosys shares gained as much as 2.3 per cent to Rs 3,530 a share. As of 09.25 a. m., the stoked was trading 1.9 per cent higher at Rs 3,516 a share. The stock was the top gainer on the 50-share Nifty benchmark.