IT software services company Infosys reported a sequential dip in consolidated net profit and revenues for the first quarter ended June but raised revenue guidance for fiscal 2018 that buoyed share price on Friday morning trade despite the BSE Sensex trading in the red.
The revenue guidance for 2017-18 was raised to 7.1-9.1 percent from 6.1-8.1 percent earlier, according to the Moneycontrol.com while the NDTVProfit said that the consolidated net profit at Rs 3,483 crore was better than Rs 3,335 crore estimated by brokerage Morgan Stanley.
Also read: Infosys to hire 2,000 employees at its North Carolina innovation hub
On a sequential basis, consolidated net profit was 3.3 percent lower while revenues saw a drop of 0.2 percent to Rs 17,078 crore, according to the Moneycontrol.com.
At around 10.50 am, the Infosys stock was trading at 983 on the Bombay Stock Exchange (BSE) though the BSE Sensex was down 119 points at 31,918.
"Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts - revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results," Infosys CEO Vishal Sikka was quoted as saying by the NDTVProfit.
In dollar terms, revenues grew 3.2 percent sequentially while in constant currency terms, it rose 2.7 percent to $2,651 million, according to the NDTVProfit.
The company's COO U B Pravin Rao attributed the performance to overall improvement. "We had broad-based growth across geographical and industry segments. Initiatives on operational discipline led to record levels of utilisation and better realisation during the quarter," Rao was quoted as saying by the Moneycontrol.com.
