Infosys disappoints again; Q4 PAT at Rs 2394 crores

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Infosys disappoints again; Q4 PAT at Rs 2394 crores
Infosys: Quotes, News
BSE 873.50BSE Quote49.6 (5.68%)
NSE 873.40NSE Quote49.85 (5.71%)
After one set of superlative numbers in Q3 FY 2013, Infosys, India's second largest software services provider has disappointed again with a poor set of numbers for Q4 FY 2013. Margins, guidance and revenues, particularly dollar revenues have been poor.

The company posted a net profit of Rs 2394 crores for Q4 2013, which was better then expected, but largely due to other income.
Dollar revenues came in at $1938 million, as against analyst expectations of $1987 million. EBIT margin was just 23.55 per cent, as against market expectations of 25 per cent.

The company has guided for a growth in revenues of 6-10 per cent, as against NASSCOM projected industry growth of 12-14 per cent.

"Global economic uncertainties remain challenging for the IT industry," said S. D. Shibulal, CEO and Managing Director. "We are progressing well on our strategic direction of building a high-quality company which is relevant to our clients. We are making all the investments necessary to differentiate ourselves in the market place while positioning ourselves as a partner of choice for our clients."

"The global currency market continues to be volatile reflecting the uncertain economic environment. Our hedging strategy helps us to minimize the volatility impact," said Rajiv Bansal, Chief Financial Officer. "We have a healthy balance sheet with our cash and cash equivalents at US$ 4.4 billion."

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