New Delhi, April 12: IT major Infosys on Friday reported a 3.3 per cent increase in its consolidated net profit to Rs. 2,394 crore for the fourth quarter ended March 31, 2013.
The revenues for the reported quarter were up 18.09 per cent to Rs. 10,454 crore from Rs. 8,852 crore in the year-ago period, Infosys said in a BSE filing.
“Global economic uncertainties remain challenging for the IT industry,” Infosys CEO and Managing Director S.D. Shibulal said, adding “We are making all the investments necessary to differentiate ourselves in the market place while positioning ourselves as a partner of choice for our clients.”
The company said it expects revenue to grow by 6-10 per cent in the current fiscal, which is lower than software industry body Nasscom's estimate.
Reacting to the results, shares of Infosys plunged 18.47 per cent to Rs 2,379 apiece in early trade on the BSE.
The company had posted a net profit of Rs. 2,316 crore for the January-March quarter of the previous fiscal (2011-12).
The Bangalore-based firm's consolidated net profit for the 2012-13 fiscal rose by 13.3 to Rs. 9,421 crore against Rs. 8,316 crore in the previous financial year.
Its revenues were up by 19.6 per cent to Rs. 40,352 crore in the last fiscal from Rs. 33,734 crore in 2011-12 fiscal.
“The global currency market continues to be volatile reflecting the uncertain economic environment. Our hedging strategy helps us to minimise the volatility impact. We have a healthy balance sheet with our cash and cash equivalents at USD 4.4 billion,” Infosys Chief Financial Officer Rajiv Bansal said.
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