Infosys hits 33-month high, jumps 7.5% on Q2 results

Moneycontrol Bureau

Shares of Infosys jumped 7.5 percent in early morning trade on September quarter results and FY 14 guidance which has been revised to 9-10 percent from 6-10 percent. The stock touched 2.9-year high at Rs 3,360 on Friday.

Infosys' net profit grew just 1.5 percent quarter-on-quarter to Rs 2,410 crore for the quarter ended September 2013, impacted by one-time visa settlement charge of Rs 219 crore during the quarter.

Consolidated revenue jumped 15 percent to Rs 12,965 crore during the July-September quarter from Rs 11,267 crore in previous quarter while consolidated dollar revenues grew 3.76 percent Q-o-Q to USD 2066 million.

Analysts on an average had expected the company to report a net profit of Rs 2,614 crore on revenues of Rs 12,781 crore for the quarter (dollar revenues of USD 2042 million). Average rupee-dollar rate for the quarter was 62.77 per dollar.

Consolidated adjusted earnings before interest and tax (EBIT) increased 14.7 percent sequentially to Rs 3,056 crore and margin remained flat at 23.6 percent as against 23.64 percent.

Standalone net profit increased to Rs 2,326 crore from Rs 2,250 crore and income from operations jumped to Rs 11,482 crore from Rs 9,959 crore for the quarter ended September 2013, quarter-on-quarter.

At 09:44 hrs Infosys was quoting at Rs 3,285.00, up Rs 160.85, or 5.15 percent on the BSE.