India's second largest software exporter, Infosys today reported 21.57% growth in consolidated net profit to Rs 28.86 billion for the quarter ended Jun. 30, 2014 as compared to Rs 23.74 billion in the same period last year. On quarter on quarter basis, it posted a fall of 3.5% in the net profit. Market was expecting profit to come at Rs 26.67 billion. Revenues has increased to Rs 127.7 billion for the quarter ended Jun. 30, 2014 from Rs 112.67 billion for the quarter ended Jun. 30, 2013, representing an increase of 13.3%. On quarter on quarter basis, it posted a fall of 0.8% in the revenues.
Commenting on result, Dipen Shah, head- private client group research, Kotak Securities, ''Infosys results were above expectations. The surprise came largely from the margins. We are positive on the long term prospects of the company and have a positive view on the stock with a medium term perspective.''
Meanwhile, Sarabjit Kour Nangra, VP Research, IT, Angel Broking, said, ''Infosys posted better than expected numbers, on the EBIT and net profit front, while sales were just below expectations. The company posted a 2% sequential growth in USD revenues to USD 2,133 million v/s USD 2,151 million expected. On constant currency terms, the revenues grew by 1.5% qoq. In rupee terms, revenues came in at Rs. 127.70 billion V/s Rs 128.43 billion expected, down 0.8% qoq. For FY2015, the Management has reinforced its sales guidance of 7-9% yoy. We maintain our buy rating on the stock with a target price of Rs 4,245.'
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