MUMBAI, Apr 18: Shares of Infosys today surged over 8 per cent buoyed by the company reporting a better-than- expected 16 per cent rise in the fourth-quarter net profit and a strong revenue growth forecast for the current fiscal.
The stock of the country’s second-largest IT services company, made a positive opening and jumped 8.17 per cent to Rs 1,267.90 — its 52-week high — at BSE.
At NSE, it soared 8.11 per cent to touch its one-year high of Rs 1,267.90.
The stock was the top gainer among blue-chips on the Sensex and the Nifty in morning trade.
“Infosys FY17 constant currency revenue guidance at 11.5-13.5 per cent has come ahead of expectations,” said Govind Agarwal, Research Analyst-Institutional Equities, Prabhudas Lilladher.
Consolidated net profit at Rs 3,597 crore in January-March of 2015-16 was 16.2 per cent higher than Rs 3,097 crore in the same period of 2014-15, the company had said in a statement on Friday.
Turnover rose 23.4 per cent to Rs 16,550 crore in the fourth quarter of 2015-16.
On a sequential basis, Infosys’ net profit rose 3.8 per cent from Rs 3,465 crore in the October-December quarter while revenue was up 4.1 per cent from Rs 15,902 crore during the same period.
Infosys said sales will rise between 11.8 per cent and 13.8 per cent in US dollar terms in 2016-17 that began on April 1. Revenue, it added, will grow between 11.5 per cent and 13.5 per cent in constant currency terms, indicating a faster growth rate than the industry average as the company shifts to high-margin digital services business.
Industry body Nasscom had in February forecast a 10-12 per cent growth for IT and software services exports in 2016-17.
(PTI)
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