Infosys Q1 net up 17.2%, sequentially down 5.3%

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Infosys Q1 net up 17.2%, sequentially down 5.3%

This article was posted on Jul 10, 2009 and is filed under Stock News

Infosys Technologies, India’s second largest software services exporter, has posted a 17.2 per cent increase in net profit to Rs 1,527 crore for the first quarter ended 31 March, 2009 when compared with the corresponding quarter a year ago.Total Income for the first quarter has increased by close to 12.7 per cent to Rs 5,741 crore.

The company squaring up for a challenging global environment for a short-term has guided the street that it will see a 1.3 per cent drop in its topline for the current fiscal.

Infosys today which set the ball rolling for software sector’s earnings season has said that during the second quarter it will see another 3 per cent drop in topline on a sequential basis even as it posted a 3 per cent drop sequentially for the first quarter. The net profit has dropped by 5.3 per cent sequentially.

Meanwhile the stock has reacted positively, and surged 3.5% in early trades. The stock is now trading at Rs 1,735 as against its yesterday’s close of Rs 1,677. The counter has seen healty trades of around 166,830 shares so far on the BSE as against its two-week daily average traded volume of 15,350 shares.

source: Business-Standard

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