Infosys beats street but lowers guidance
Infosys Technologies, India’s second largest IT services provider, has beaten street estimates by posting a 30.2% increase in net profit at Rs.1,432 crore (Indian GAAP) for Q209. Revenues were also up by 32% YoY to Rs.5,418 crore. Infy has announced an interim dividend of 200% (Rs.10/share, FV Rs.5).
However, in a statement not received too kindly by the stock market, the bellwether also revised it’s full year dollar guidance its down to 13.1 – 15.2%, from around 19-20%. The scrip took a pounding today, almost breaking the Rs.1,000 mark, before recovering to hit 1,281 before closing the day at 1,226.70, still down by 2.2%.
The company added 40 new clients, and net employee addition was 5,927. A milestone was also reached as the company recruited it’s 100,000th employee.
Infosys also clarified that it was not interested in competing with HCL Technologies by revising it’s bid for Axon.
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