Bangalore-based largest software company Infosys Limited reported 32.92% rise in its consolidated net profit to Rs 2,289 crore for the first quarter ended June 30, 2012.
The shares of the IT major plunged over 10% after it decreased its revenue guidance in dollar terms for 2012-13, dragging down the BSE benchmark Sensex.
Infosys had registered a net profit of Rs 1,722 crore for the April-June quarter of the previous fiscal.
Earnings before interest and taxes rose marginally by 1.7% to Rs 2,693 crore against Rs 2,693 crore as against Rs 2,647 crore in the previous quarter.
The revenues surged 8.6% to Rs 9,616 crore from Rs 8,852 crore in the last quarter.
The dollar fell 1.1% to $1,752 million as compared to $1,771 million in the quarter ended March 31, 2012.
On quarterly basis, the EBIT margins dipped 28% from 29.9% in the previous quarter. The IT bellwether added 51 clients during the quarter and eyes its FY13 revenues at $7.3 billion.
The cash and cash equivalent was Rs 20,596 crore as on June 30 as against Rs 16,969 crore on June 30, 2011. Meanwhile, earnings per share also fell 1.2% to Rs 40.06 from Rs 40.54 in the previous quarter.
SD Shibulal, CEO and Managing Director, said, “Our focus on Infosys 3.0 and building tomorrows' enterprise coupled with disciplined execution will help us deliver high-quality growth, despite challenges seen in the global economic situation resulting in slower IT spends by large corporations.”
The IT major’s scrip opened the day on a weak note following the guidance at its quarterly results announcement this morning and lost 10.14% to touch a low of Rs 2,216.05 on the BSE.
Meanwhile, on NSE, the stock tanked 10.19% to a low of Rs 2,219.
The market experts blame the weak revenue guidance, in dollar terms, by Infosys as the reason for the steep fall in the stock.