Infosys Shares Jump 7% After December Quarter Earnings; Mcap Is Around Rs 42,821 Crore

Infoysis Quarterly Result: Shares of Infosys rose more than 7 per cent in early trade on Friday, adding Rs 42,821.36 crore in its market valuation, as the company’s December quarter earnings came in line with market expectations.

After a solid start, the stock rose 7.15 per cent to Rs 1,604.90 on the BSE.
It rose 7.14 per cent to Rs 1,601 on the NSE in early trade.

The IT services company's market capitalization (MACAP) rose to Rs 6,63,303.78 crore from Rs 42,821.36 crore in early trade.

Infosys, the country’s second-largest IT services firm, reported a 7.3 per cent fall in net profit in the December quarter on sluggish customer demand and cut its annual sales forecast.

The net profit (attributable to shareholders) of the company is Rs. 6,106 crore as against Rs 6,586 crore in the same period last year, Infosys said in a regulatory filing.
Consolidated revenue from operations rose 1.3 per cent to Rs 38,821 crore in the third quarter of the current fiscal.

"Our performance in the third quarter was resilient. Large deal wins were strong at USD 3.2 billion, with 71 per cent of this as net new, reflecting the relevance and strength of our offerings ranging from generative AI, digital and cloud to cost, efficiency, and automation. This is the highest deal win in the nine quarters that the company has ever had," Infosys CEO and MD Salil Parekh said.

"Infosys reported broadly in-line performance for the quarter. The revenue growth was above estimates; while EBIT margin was in line with expectation," according to a report by YES Securities.

Infosys' revenue for the financial year till March 2024 was expected to grow by 1.5-2 per cent, while the guidance for October was 1-2.5 per cent.

VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said that Infosys' inline results and TCS, IT Share's results were better than expected, and some action was seen today.

(With PTI Inputs)

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