Week That Was July 12

Infosys Q1 net up 3.7%

IT major Infosys on Friday posted a near 4 percent increase in its consolidated net profit for the April-June quarter, meeting market expectations, even as the firm maintained a "cautiously optimistic" approach keeping its US dollar revenue guidance unchanged for this fiscal.

The Bangalore-based firm, which last month saw the return of its co-founder NR Narayan Murthy in the backdrop of a below than expected performance in the past quarters, added that wage hikes announced in June would have an impact of about 300 basis points on its margins in the next quarter.

The company`s consolidated net profit rose by 3.7 percent to Rs 2,374 crore for the April-June quarter against Rs 2,289 crore in the year-ago period. Its consolidated revenues rose 17.2 percent to Rs 11,267 crore from Rs 9,616 crore in the year-ago period.

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