Infosys Q1 net dips 5.4% QoQ to Rs 1720cr

Infosys, second largest software services exporter, reported its consolidated first quarter of financial year 2012 net profit at Rs 1,720 crore, down 5.4% as compared to Rs 1,818 crore in previous quarter. The numbers were better than what it had guided earlier. The revenues rose 3.2% in the quarter to Rs 7,485 crore. On a full year basis, net profit rose 15.72% from Rs 1488 crore and revenues rose 21% from Rs 6198 crore in the year-ago period.

The numbers were slightly below the CNBC-TV18 poll but experts say it was in-line with steet expectations. CNBC-TV18 poll saw Infosys net profit at Rs 1736 crore and revenues at Rs 7,520 crore.

Earnings before interest and tax for the Q1FY12 was Rs 1952 crore as against Rs 2102 crore in previous quarter.

Moshe Katri of Cowen & Co and Nilesh Shah of Envision Capital said numbers were in line with their expectations. However, margins disappointed the street, they added.

EBIT margin for the quarter ended June 2011 stood at 26.1% as against expectation of 27.1%.

Other income increased to Rs 443 crore from Rs 415 crore.

Volume growth in the June quarter was 4%. North America contributes 64.2% of total revenues in Q1 as against 63.7% in previous quarter.

Guidance

IT bellwether expects earnings per share (EPS) at Rs 128.20-130 and revenues at Rs 31,777-32,311 crore for the financial year 2011-12.

In dollar terms, company sees EPS growth of 10-11.5 to USD 2.88-2.92 for FY12.

For the quarter ending September 2011, Infosys expects revenues at USD 1.73-1.755 billion and EPS of USD 0.67-0.68, a growth of 3.1-4.6%.