India’s third largest IT exporter industry just about met Street expectations on dollar revenue growth in the three months to December but provided some cheer to investors by revising its full year growth guidance upwards, a reflection that the demand environment for IT buying was improving.
The company’s revenues in dollar terms increased 1.7 per cent over the September quarter to $2.1 billion. In Rupee terms, revenues totalled Rs 13,026 crore, an inch-up of just 0.5%.
Equity analysts saw the company growing its sequential topline in the quarter between 1.7 to 2.3 per cent versus 3 to 4 per cent other top-tier Indian IT companies are expected to clock.
Net profits increased to Rs 2,875 crore or Rs 50.32 a share from Rs 2,407 crore or Rs 42.12 a share in the previous quarter with Infosys, evidently, doing a good job of managing costs. The company’s overall employee number decreased to 1,58,404 in December quarter from 1,60,227 in September.
Infosys revised its full year 2013/2014 revenue outlook upwards to a growth of 11.5-12 per cent, from 9-10 per cent seen earlier. This appeared positive to analysts considering that many were wary of the frequent management exits and continued restructuring at Infosys. The company lost two of its CEO hopefuls, Ashok Vemuri and V. Balakrishnan, in the span of four months.
Source: Business Today