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Infosys Q1 net profit up 3.7 per cent, meets expectations

The Bangalore-based company reported a consolidated net profit of Rs 2,374 crore for the April-June quarter. Its revenue during the period was up 17.2 per cent at Rs 11,267 crore.

BT Online Bureau   Bangalore     Last Updated: July 12, 2013  | 12:14 IST

Infosys, India's third-largest software services exporter, has reported a 3.7 per cent increase in consolidated net profit to Rs 2,374 crore for the first quarter ended June 30, 2013.

The Bangalore-based firm had reported a net profit of Rs 2,289 crore in the corresponding quarter last year.

The consolidated revenue for the reported quarter was up 17.2 per cent to Rs 11,267 crore, from Rs 9,616 crore in the year-ago period.

"Despite facing an uncertain macro environment, changing regulatory regime and a volatile currency environment, we have done well in Q1 and are cautiously optimistic about rest of the year," Infosys CEO and Managing Director S D Shibulal said.

Cheering the news, shares of the company jumped 13 per cent in opening trade on the Bombay Stock Exchange to Rs 2,865.

Under the International Financial Reporting Standard (IFRS), the company's consolidated net profit rose marginally by 0.5 per cent to $418 million in the April-June quarter this fiscal from $416 million in the same quarter of 2012-13.

Infosys' consolidated revenues rose 13.6 per cent to $1.99 billion against $1.75 billion in the same period last year.

In terms of revenue break-up based of geographical setting, North America remained the largest revenue generator followed by Europe, India and rest of the world in the first quarter of this fiscal.

On industry-wise revenue break-up, insurance, banking & financial services was the top earner followed by retail & life sciences, manufacturing and energy, utilities, communications & services during the same period.

Revenues based on services, business IT services was the top contributor followed by consulting, package implementation and others and products, platforms & solutions.

"We maintained our margins and continued making investments in the business. We have announced compensation increases for FY'14 effective July, which will affect our margins in the future quarters," Infosys Chief Financial Officer Rajiv Bansal said.

Infosys added 66 clients in the April-June quarter taking the total of its active clients to 836.

The company made gross addition of 10,138 employees (net addition of 575) for the quarter taking its total headcount to 1,57,263 as on June 30, 2013.

"Liquid assets including cash and cash equivalents, available-for-sale financial assets, and government bonds were $4.1 billion versus $4.4 billion as on March 31, 2013," the IT major's filing said.

Its banking software Finacle sustained business momentum in the last quarter with 15 new wins and 14 banks going live across the Middle East, Africa, Asia and Central America.

"The cloud and big data business has executed over 100 engagements. Over the last quarter, Infosys won over 15 engagements across cloud services and big data," the filing added.

Infosys's clients continue to invest in using mobility as a differentiator in their customer engagement, business and operations. Over 25 engagements across various industries and areas like field services, customer engagement and enterprise efficiency, were started in the last quarter.

With inputs from agencies

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