Infosys FY Q2 net up to Rs 2410 crores; in line with estimates

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Infosys FY Q2 net up to Rs 2410 crores; in line with estimat
Infosys: Quotes, News
BSE 915.25BSE Quote20.75 (2.27%)
NSE 914.90NSE Quote22.1 (2.42%)
Infosys reported numbers and guidance that were in line estimates, with net profits for Q2 FY 2014 coming in at Rs 2410 crores, including exceptional items.

The Q2 revenues for the period ending Sept 20, 2013 have come in at Rs 12,965 crores, as against Rs 11,267 crores reported in the corresponding period of last year.

Revenues in dollar terms were placed $2,066 million for the quarter ended September 30, 2013, a QoQ growth of 3.8%.

"During the quarter we witnessed broad-based volume growth, robust client additions, five large deal wins and increased sales momentum of our big data and cloud offerings. This growth is a result of our focus on execution, which helps our clients achieve their objectives." said S. D. Shibulal, CEO and Managing Director. "We will continue with planned investments and initiatives to explore new avenues of growth. We remain watchful of the sustainability of improving global economic fundamentals", he added.

The company has upped its dollar revenue guidance by 9-10 per cent for the full year, as against a dollar revenue guidance of 6-10% given in the corresponding quarter.

Infosys added around 68 clients during the quarter.

"The global currency market remains volatile with the Indian Rupee depreciating by 11% during the quarter. We have an active hedging program to minimize its impact on our margins. We will continue our focus on optimizing costs and enhancing the efficiency of our operations," said Rajiv Bansal, Chief Financial Officer.

"We are pursuing and winning large outsourcing deals. Service innovations like Global Agile, VirtualOperations and Integrated Application Management continue to provide high levels of differentiation for us in the marketplace and have enabled wins across industry verticals. We have recently entered into a four-year engagement with Toyota Motor Europe to manage its Pan-European application support. This contract covers key operational areas including core automotive processes and corporate functions, under a managed service model."

The stock is expected to open higher in trade.

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