Infosys Q3: 2.7 per cent rise in net profit

Infosys technologies Q3 result beats all the the expectation as it posted a net profit of Rs 1,582 crore. Which is is 2.7% rise in the net profit. During this time the contribution to the revenue by top 10 clients also increased by approximately 12%.

Highlights

Consolidated results for the quarter ended December 31, 2009:

• Income was Rs 5,741 crore (Rs 57.41 billion) for the quarter ended December 31, 2009; QoQ growth was 2.8%; YoY decline was 0.8%
• Net profit after tax was Rs. 1,582 crore (Rs 15.82 billion) for the quarter ended December 31, 2009; QoQ growth was 2.7%; YoY decline was 3.6%
• Earnings per share decreased to Rs. 27.75 from Rs. 28.66 in the corresponding quarter of the previous year; QoQ growth was 3.3%; YoY decline was 3.2%

As per Infosys CEO S. Gopalakrishnan the US economic recovery led by the financial sector is the key driving force and is benefiting the off-shoring industry. As per him the other good thing is that the clients are making quicker decisions now.

Infosys shares rose 3.2 percent to 2,569 rupees as of 10:46 a.m. in Mumbai trading, the biggest contributor to the 13-stock Bombay Stock Exchange BSE IT Index’s 3.3 percent gain.

Source: BusinessWeek