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HindustanTimes Thu,17 Apr 2014

Infosys outlook flat, Q2 net up 24%

HT Correspondent, Hindustan Times  Mumbai, October 12, 2012
First Published: 09:22 IST(12/10/2012) | Last Updated: 20:51 IST(12/10/2012)

Infosys continued to paint a gloomy picture of the global economic environment, even as the software giants report card on quarterly earnings disappointed markets with less-than-expected earnings on Friday.

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The company's revenue growth outlook in dollar terms for 2012-13 remained unchanged at 5%, failing to meet investors' hopes of an improved projection even after Infosys expanded its client base with a high-value acquisition of a Swiss consultancy firm last month.

The net profit for the second quarter, July-September, stood at Rs. 2,369 crore, 24.3% up against the corresponding figure a year-ago. Its net revenues during the quarter grew 22% to touch Rs. 9,858 crore. It also declared an interim dividend of Rs. 15 per share. "The record date for the payment of dividend is October 19, 2012," Infosys said.

"The industry continues to face global economic uncertainty. I do not see any change in the business environment in US and Europe," said SD Shibul-al, CEO and MD of Infosys.

Shares fell by 5.36% and closed at Rs. 2,396 on the Bombay Stock Exchange on Friday.

Along with its quarterly results, the company also announced that V Balakrishnan, Infosys' chief financial officer  for six years would step down from October 31, 2012. "Rajiv Bansal, currently vice president-finance will take over as CFO from November 1, 2012," it said.

Balakrishnan, however, continues to remain a board member and would head its BPO, Finacle, and India business unit. Shibulal said the reshuffle is in sync with Infosys' practice of giving leadership roles to young people. "It has been one year since Bala and Rajiv are being groomed for their new roles."

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