Infosys Technologies (INFOSYS.BO : 3076.15 -108.1), India's second-largest software exporter, overshot market expectations on Friday, posting a 13% rise in net profit year-on-year and 16.7% growth on a sequential basis, reflecting robust demand. It increased its annual revenue forecast to $5.95-6 billion, up 26-27%.
The board has proposed an interim dividend of Rs 10 per share on the face value of Rs 5 each and a 30th year special dividend of Rs 30 per equity share. After the results, Infosys hit an all-time high of Rs 3,249 on the BSE (^BSESN : 20125.05 -372.59), before closing at Rs 3,076. The scrip shed 3.39% during the day.
After several quarters of single-digit growth, Q2 revenues grew 12.1% from the previous quarter. However, the management, known for its conservative approach, cautioned that double-digit growth would be tough to achieve in the quarters ahead.
Almost all verticals, including telecommunications, retail, manufacturing and BFSI, exhibited strong growth. Europe, as a geography, grew 18.1%, indicating its growing importance to India's software fortunes.
Utilisation rates rose to a high of 81.7% thanks to growth in business volumes. Attrition has risen to 17.1%, though officials maintained that it was not something to be alarmed about.
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