Infosys shares climb nearly 2% after announcing Dec quarterly profits

Infosys shares climb nearly 2% after announcing Dec quarterly profits

A day after Infosys released details of its December quarter earnings, the firm’s shares gained nearly 2 per cent. The company’s stock ended 1.55 per cent higher at Rs 1,503.50 per share on the Bombay Stock Exchange (BSE). It had climbed 2.61 per cent to Rs 1,519.20 during the day.

On the NSE, the company’s shares ended at Rs 1,504 apiece, up 1.58 per cent.
The IT behemoth’s market valuation jumped Rs 9,695.95 crore to Rs 6,32,684.95 crore on the BSE.

Also Read: Infosys post 13.4% rise in Q3 profit, raises FY23 revenue guidance

The 30-share BSE Sensex jumped 303.15 points or 0.51 per cent to settle at 60,261.18, while the NSE Nifty climbed 98.40 points or 0.55 per cent to end at 17,956.60. In volume terms, 2.85 lakh shares were traded on the BSE and over 1.16 crore shares on the NSE during the day.

On Thursday, Infosys reported a better-than-expected 13.4 per cent rise in profit in the December quarter and raised its annual sales forecast on a strong deal pipeline even as it warned of “constraints” in certain verticals amid slowing global economy.

Also Read: I was wrong: Narayana Murthy on keeping family away from Infosys’ leadership role

Consolidated net profit rose to Rs 6,586 crore in October-December 2022 as against Rs 5,809 crore a year back.

Revenues to grow

The IT bellwether expects a revenue growth of 16-16.5 per cent for the current financial year compared to a growth of 15-16 per cent it had projected earlier despite the “changing global conditions”.

“Infosys has reported a good result. Though the margins have not expanded, the stability reflects the companys cost optimisation measures. Changes in the macroeconomic environment will bring clarity regarding the companys spending sentiments, and the last quarter of the fiscal year remains a crucial time to observe,” Urmi Shah, Research Analyst at SAMCO Securities, said on Q3 FY23 result by Infosys.

(With agency inputs)

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