Infosys , the largest software services exporter in India, has reported a consolidated net profit of Rs 2,886 crore in April-June quarter, degrowth of 3.5 percent compared to Rs 2,992 crore in previous quarter.
Year-on-year growth in profit was 21.6 percent. Bottomline as well as operating performance were better-than-expectations while revenue was inline Analysts had expected the company to report net profit oRs 2,667 crore on revenue of Rs 12,814 crore for the quarter.
Consolidated revenue fell 0.8 percent (up 13.3 percent on yearly basis) to Rs 12,770 crore during April-June quarter from Rs 12,875 crore in previous quarter and dollar revenue stood at USD 2,133 million, up 1.95 percent on sequential basis.
Analysts had estimated dollar revenue at USD 2140 million for the quarter. Infosys maintained its revenue growth guidance for the current financial year 2014-15 at 7-9 percent, saying it expects revenue in rupee terms to grow by 5.6-7.6 percent. Outlook for FY15 was based on conversion rate of 60 per dollar.
“We continue to enjoy the confidence of clients by demonstrating superior execution capability and value realisation,” says SD Shibulal, CEO and Managing Director, who will step down with effect from end of business hours on July 31, 2014. The company is in the midst of CEO transition and hence there was no change in its strategic guidance.
During the quarter, it appointed Dr Vishal Sikka as the chief executive officer and managing director with effect from August 1. An extra-ordinary general meeting of the shareholders has been convened and will be held on July 14 to approve his appointment, says the company in its filing.
Executive chairman Narayana Murthy and executive vice chairman S GopalKrishnan voluntarily stepped down during the quarter.