Home >market >stock-market-news >Infosys shares climb 6% after Q1 earnings

New Delhi: Shares of Infosys Ltd rose by nearly 6% to hit their one-year high level on Monday even as the company posted lower-than-expected earnings for the quarter ended on 30 June. Infosys shares, after a positive opening, further gained 5.75% to its 52-week high of 1,384.40 per share on BSE. On the NSE, shares of the company surged 5% to hit a one-year high of 1,384.40. The stock was the biggest gainer among blue chips in both indices during morning trade.

The country’s second biggest software services exporter on Friday posted a lower-than-expected 3.7% rise in net profit for the quarter ended on June 30, 2018, due to a one-off charge related to fair value reduction of up-for-sale Panaya business.

The consolidated net profit in April-June at 3,612 crore, or 16.62 a share, was higher than 3,483 crore, or 15.24 a share, net earnings in the same period of the previous fiscal. Revenue rose 12% to 19,128 crore as the firm maintained earnings guidance for the fiscal year ending March 2019 at 6-8% in constant currency terms.

Infosys’s performance in the first quarter pales before that of its larger rival Tata Consultancy Services Ltd (TCS), which declared a strong first quarter earnings on Tuesday. Mumbai-based TCS, despite doing 44% more business in the first quarter than Infosys, reported a 4.1% sequential constant currency growth at 25% operating margins.

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