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October 11, 2013

Infosys reports revenue growth but decline in profit

But second quarter results saw stock price jump 3%.

By Joe Curtis

Infosys has reported a growth in revenues but a decline in profit in its second quarter.

The Indian IT services company saw its revenue grow 15% year-on-year to $2bn, representing 3.8% growth from the previous quarter, but profits fell 11.1% on last year to $383m.

The announcement saw Infosys’s stock price jump 3%, a year-long high of 3,360 rupees, before stabilising, after previous quarters ended with mixed financial reports for India’s second-largest IT services firm.

The results come after co-founder Narayana Murthy returned to the company as executive chairman in June, and the business has since gained 68 clients and more than 12,000 new employees.

CEO and MD S D Shibulal said: "During the quarter we witnessed broad-based volume growth, robust client additions, five large deal wins and increased sales momentum of our big data and cloud offerings. This growth is a result of our focus on execution, which helps our clients achieve their objectives."

And CFO Rajiv Bansal said the firm will continue its focus on optimising costs and enhancing efficiency, adding: "The global currency market remains volatile with the Indian Rupee depreciating by 11% during the quarter. We have an active hedging program to minimize its impact on our margins."

The business expects to grow revenues from 9% to 10% by March 2014.

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