Infosys Beats Street Estimates in Q3, Shares Jump 5%
IT major Infosys on Thursday beat Street estimates for the third straight quarter, leading to over 5 per cent jump in its shares. Infosys – India’s second biggest outsourcer – not only posted higher-than-expected revenue in Q3, but also upped its annual guidance, bringing cheer to investors.
Infosys said its revenue rose to $2,407 million in the December quarter, a sequential growth of 0.6 per cent. Analysts had expected the Bangalore-based Infosys to report a dip in dollar revenues because the December quarter is typically soft for outsourcers on account of furloughs in key markets of US and Europe.
Infosys CEO Dr Vishal Sikka said the company’s constant currency revenue is likely to grow at 12.8-13.2 per cent in the current fiscal year. Infosys had earlier guided for 10-12 per cent growth in 2015-16.
“We are confident of getting to industry-leading growth in next financial year,” Dr Sikka added.
In rupee terms, Infosys reported a net profit of Rs 3,470 crore on sales of Rs 15,902 crore. Brokers polled by NDTV Profit expected the Bangalore-based Infosys to report a net profit of Rs 3,351 crore on sales of Rs 15,755 crore.
The strong showing by Infosys should come as a relief for investors, concerned about the tepid growth in the IT sector, analysts say. Earlier this week, TCS – India’s biggest outsourcer — had disappointed the Street for the sixth straight quarter.
Read full article: NDTV
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