Infosys reports 1.6% jump in quarterly net profit
Indian software services provider Infosys on Friday reported a considerable year-on-year increase in its consolidated net profit for the September quarter, but failed to meet analysts' estimates.
Infosys announced that its consolidated net profit in the July-September quarter of current fiscal jumped 1.6 per cent from the corresponding quarter of last year to Rs 2,407 crore (US$391M). In the July-September quarter of 2012, the company had pocketed a consolidated net profit of Rs 2,369 crore.
However, the Bangalore-based firm missed analysts' average estimate of Rs 2,626 crore. The company's earnings suffered a hit from a Rs 219 crore provision for visa-related matters.
Infosys, which is one of the few Indian companies that give guidance, hiked the lower limit of its revenue guidance for the current financial year. The company said it now expected its revenue to grow by 9-10 per cent, as against its previous projection of 6-10 per cent.
The company's revenue forecast is considerably lower than the National Association of Software & Services Companies' projected growth forecast of 12-14 per cent for the sector.
Infosys shares jumped 6.6 per cent in pre-open trading on Friday, nearing its highest level since January 2011.