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Infosys Q2 profit up 33% at Rs 300 cr
Bangalore, Oct 10: Infosys Technologies Ltd said on Friday its quarterly net profit rose a better-than-expected 33 per cent, as outsourcing business from overseas clients drove growth at the country`s largest listed software services company.
Bangalore, Oct 10: Infosys Technologies Ltd said on Friday its quarterly net profit rose a better-than-expected 33 per cent, as outsourcing business from overseas clients drove growth at the country`s largest listed software services company.
The Bangalore-based Infosys, which sets the tone for the country’s $9.5 billion-a-year software export sector, reported a profit of Rs 300 crore ($66.30 million), or Rs 44.82 per diluted share in the second quarter ended September 30.
That compared with a profit of Rs 226 crore, or Rs 33.9 per share, in the year-ago period and a Rs 278 crore profit in the first quarter. A poll of 17 analysts had forecast a median net profit of Rs 295 crore on sales of Rs 1142 crore.
Nasdaq-listed Infosys beat estimates and raised its annual profit growth estimate to 17 per cent from a previous 13 per cent when it last released results in July, as it benefited from overseas firms seeking cheaper outsourcing to cut costs. Shares of the company, which has about 300 clients including ING Group and Boeing Co. and a 17,000 workforce, have surged 36 per cent in the past three months, in line with a 34 per cent rise in Bombay`s information technology index .
Bureau Report
That compared with a profit of Rs 226 crore, or Rs 33.9 per share, in the year-ago period and a Rs 278 crore profit in the first quarter. A poll of 17 analysts had forecast a median net profit of Rs 295 crore on sales of Rs 1142 crore.
Nasdaq-listed Infosys beat estimates and raised its annual profit growth estimate to 17 per cent from a previous 13 per cent when it last released results in July, as it benefited from overseas firms seeking cheaper outsourcing to cut costs. Shares of the company, which has about 300 clients including ING Group and Boeing Co. and a 17,000 workforce, have surged 36 per cent in the past three months, in line with a 34 per cent rise in Bombay`s information technology index .
Bureau Report