Infosys Q1 net rises 15.4%, narrowly misses estimates | business | Hindustan Times
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Infosys Q1 net rises 15.4%, narrowly misses estimates

Infosys Ltd , India's No. 2 software services exporter, reported a 15.4% rise in fiscal first-quarter profit, narrowly missing expectations as a surge in wages offset strong demand from western clients.

business Updated: Jul 12, 2011 13:32 IST

Infosys Ltd , India's No. 2 software services exporter, reported a 15.4% rise in fiscal first-quarter profit, narrowly missing expectations as a surge in wages offset strong demand from western clients.

Bangalore-based Infosys , also listed on the Nasdaq, said consolidated net profit rose to 17.2 billion rupees ($387 million), from 14.9 billion rupees a year earlier.

A Reuters poll of brokerages had forecast a profit of 17.29 billion rupees for the company, which counts Goldman Sachs, BT Group and BP among its main clients.

India's $60 billion showpiece IT sector is enjoying solid growth from improved pricing for its services and increased outsourcing by companies looking to cut costs and boost efficiency amid growing economic uncertainty.

Shares in Infosys, valued at more than $38 billion, have fallen 15.2% this year, compared with an 11.7% drop in the sector index and a 8.5% fall in the Mumbai index. ($1=44.50 rupees)