Infosys surprises with Q2 net profit of Rs2,407 cr; revenues up 31.5%

Infosys Technologies today reported consolidated net profit of Rs2,407 crore for the quarter ended 30 September 2013, a growth of 1.6 per cent on an year-on-year basis, on the back of a revenue growth of 31.5 per cent to Rs12,965 crore.

Net profit at Rs2,407 crore for the quarter ended 30 September 2013, was higher by a marginal 1.4 per cent from the previous quarter ended 30 June 2013 and 1.6 per cent higher than the net profit for the July-September quarter of the previous year.

Revenues for the quarter ended 30 September 2013 stood at Rs12,965 crore, which showed a quarter-on-quarter growth of 15.1 per cent and a year-on-year growth of 31.5 per cent, consolidated results released by the company showed.

Infosys said it has made a provision of Rs219 crore for settling visa-related matters.

The IT major also revised its revenue guidance for the financial year to 21-22 per cent from 9-10 per cent earlier.

''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.

EPS for the three months ended 30 September 2013 was Rs45.96 per share excluding the provision of Rs219 crore for visa-related matters. Including the provisions of visa related matters, the EPS was Rs42.12 per share.

In dollar terms, the net profit was down 11.1 per cent at $383 million, while revenues grew 15 per cent to $2,060 million.

Infosys said the company and its subsidiaries added 68 clients during the quarter.

Total number of employees of Infosys and its subsidiaries stood at 1,60,227 as of 30 September 2013, with gross addition of 12,168 employees and net addition of 2,964, the company said in its release.

Infosys also declared an interim dividend of Rs20 per share. The record date for the payment of dividend is 18 October 2013.

Infosys CFO Rajiv Bansal said the company will continue with its planned investments and initiatives to explore new avenues of growth.

''We remain watchful of the sustainability of improving global economic fundamentals,'' Bansal said.

''The global currency market remains volatile with the Indian rupee depreciating by 11 per cent during the quarter,'' he added.