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Infosys beats expectation in Q2 with Rs 3,398 crore net; Rajiv Bansal resigns as CFO

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nfosys, India’s second largest software exporter, reported a better-than-expected earnings for July-September quarter, but also announced that its CFO Rajiv Bansal has stepped down, resulting in huge volatility in the company’s shares on the stock bourses.

The company’s net profit during the quarter stood at Rs 3,398 crore, up 12 percent from Rs 3,030 crore posted in the previous quarter, while consolidated revenue was Rs 15,635 crore, up 8.9 percent.

Dollar revenue increased 6 percent to $ 2,392 million from $ 2,256 million.
A CNBC-TV18 poll had seen the company’s profit at Rs 3,244 crore, revenue at Rs 15,210 crore and dollar revenue growth at 3.6 percent.

In June quarter, Infosys had raised dollar revenue guidance for FY16 to 7.2-9.2 percent from 6.2-8.2 percent. Analysts had expected the company to maintain its FY16 guidance of 10-12 percent in constant currency.

Reacting to the earnings, Infosys shares initially surged 4.4 percent to touch a high of Rs 1,219, but soon shed all its gains to tumble to a low of Rs 1,108.90, down 5 percent.

“While results in any one quarter are transitory snapshots of a long journey, we do see our focused execution along our strategy starting to produce encouraging results for our clients, shareholders and Infoscions,” said Vishal Sikka, CEO and MD.

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Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

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