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Infosys Shares Jump 15% To Hit New All-Time High After Q1 Results
On Thursday, shares of Infosys Limited surged as much as 14.98 percent to a new all-time high of Rs 955.50 apiece on NSE. The rally is a reaction to the IT giant's first quarterly results for the financial year 2020-21, wherein it reported a 12.4 percent rise in consolidated net profit to Rs 4,272 crore.
On Wednesday, after market hours, the company said in a stock exchange filing that its revenue was up by 8.5 percent to Rs 23,665 crore in the June-ended quarter from Rs 21,803 crore in the corresponding period last fiscal.
The company expects its revenue for the current financial year 2020-21 to grow by up to 2 percent in constant currency terms. In April, Infosys had refrained from providing a revenue outlook for the year, citing uncertainty amid COVID-19 outbreak.
In the June quarter, Infosys saw its revenues grow 1.5 percent year-on-year in constant currency terms. On a sequential basis, constant currency revenue for the quarter fell 2 percent.
"Our confidence and visibility for the rest of the year is improving driven by our Q1 performance and large deal wins," said, CEO Salil Parekh.
During the quarter under review, Infosys added 2 clients in $10 million+ band, 11 clients in $1 million+ category, but lost 3 clients in $100 million+ band and 1 client in $50 million+ category.
Total active clients as of 30 June 2020 stood at 1,458 as of 30 June 2020, from 1,411 in the previous quarter.
Brokerages CLSA and JPMorgan have raised their price targets on the stock to Rs 1,000 each. Macquarie has raised its price target on Infosys to Rs 910 from Rs 751 earlier.
