Infosys reports stellar Q1 numbers; net profits beat estimates at Rs 2886 crores

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Infosys reports stellar Q1 numbers; net profits beat estimates at Rs 2886 crores
Infosys: Quotes, News
BSE 1124.85BSE Quote10.7 (0.95%)
NSE 1128.05NSE Quote13.6 (1.21%)
Infosys reported a good set of numbers for Q1 2014 with EBIT margins in particular surprising on the upside at 25.1 per cent. The net profits for the quarter ending June 30, 2014 were placed at Rs 2886 crores, once again way above street estimates of around Rs 2700 crores, despite worries over wage hikes affecting the bottomline.

The consolidated revenues were placed at Rs 12770 crore, which were largely in line with estimates. The EBIT was placed at Rs 3211 crores, as against Rs 3281 crore reported in the corresponding period of last year.

Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were Rs 29,748 crore as on June 30, 2014 as compared to Rs 30,251 crore as on March 31, 2014.

"We continue to enjoy the confidence of our clients by demonstrating superior execution capability and value realization." said S. D. Shibulal, CEO and Managing Director.

"As I transition the CEO mantle to Vishal, I am confident that he will leverage this strong foundation to take Infosys to greater heights. I wish him the very best."

"We saw positive trends in our large deal wins during the quarter. We believe that this momentum will hold us in good stead as we focus on increasing volumes." said U. B. Pravin Rao, COO. "Employee attrition rates are
worrisome and we are implementing various initiatives to retain good talent."

The Infosys stock was up 7 per cent in pre-opening trade.

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