Infosys Q3 net profit up 2.5% at Rs 1780 cr

India's second largest IT services exporter and IT bellwether Infosys Technologies has announced its results for the quarter ended December 2010 (Q3FY11). The company has reported consolidated net profit at Rs 1,780 crore as against Rs 1,737 crore in previous quarter, a growth of 2.48% (based on IFRS - International Financial Reporting Standards).

Operating profit also increased just by 2.34% at Rs 2,147 crore as against Rs 2,098 crore on quarter-on-quarter basis.

Company's consolidated revenues came in at Rs 7,106 crore from Rs 6,947 crore, up just 2.29% on QoQ. Infosys reported revenues at USD 1585 million, a growth of 5.94% (QoQ).

Numbers were below markets' expectations. CNBC-TV18 was expecting net profit at Rs 1,814.69 crore and revenues at Rs 7,200.07 crore.

Nilesh Shah of Envision Capital too said the numbers were below his expectations.

CEO & MD of Infosys, S Gopalakrishnan said, "The weaker economic outlook in developed markets coupled with high unemployment and risk of sovereign default could impact industry growth.