Shares of Infosys Ltd. shot up nearly 5% when markets opened on Friday morning as the software service company guided for higher revenue for the ongoing financial year 2025, as it posted better-than-expected first quarter results after markets closed on July 18.
Sector watchers have welcomed the company forecasting a revenue increase of 3-5% for current fiscal year, in contrast to its previous expectation of 1-2% rise.
The software service provider is also seeing demand recovery in the US financial markets, said Infosys Chief Executive Officer Salil Parekh
Infosys reported Rs 39,315 crore revenue during April-June, compared to Rs 38,810 crore analysts forecasted in a Bloomberg's survey. Its net profit also came higher than expected in the first quarter.
Infosys Q1 FY25 (Consolidated, QoQ)
Revenue up 3.7% at Rs 39,315 crore versus Rs 37,923 crore (Bloomberg estimate Rs 38,810 crore)
EBIT up 8.8% at Rs 8,288 crore versus Rs 7,621 crore (Bloomberg estimates Rs 802.4 crore)
EBIT margin at 21.1% versus 20.1% (Bloomberg estimates 20.7%)
Net profit down 20.1% at Rs 6,374 crore versus Rs 7,975 crore (Bloomberg estimates Rs 6,253 crore)
Infosys' stock rose as much as 4.89% in early trade to over a two-year high of Rs 1,844 apiece on the NSE. The previous high of Rs 1,953.9 was recorded on Jan. 17, 2022. It was trading 3.19% higher at Rs 1,814 apiece, compared to a 0.23% decline in the benchmark Nifty 50 as of 9:25 a.m.
It has risen 17.6% in the last 12 months and 18.6% on a year-to-date basis. The relative strength index was at 86.
Out of 47 analysts tracking the company, 32 maintain a 'buy' rating, eight recommend a 'hold,' and seven suggest 'sell', according to Bloomberg data.
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