Shares of India’s 2nd largest software exporter Infosys Technologies fell almost 7.5% as the company posted a consolidated Q4 net profit of Rs. 1,818 crore, an increase of 13.7 percent from last years net profit of Rs. 1,600 crore.
Although the company posted a 13.7 percent increase in net profit, the result was below market expectations. The stock has been in a downfall in morning, down by 7.5% at 3058.90 at 11.00 am.
Income from software services, products and business process management rose to Rs 7,250 crore during the fourth quarter from Rs 5,944 crore in the year-ago period, up 22 per cent.
“We expect the demand environment to be normal this year for the industry. We have created a structure with strong customer driven vertical focus and have enhanced our investment to take advantage of the opportunities we see in the market,” said the Infosys CEO and Managing Director, Mr S. Gopalakrishnan.
The company expects revenue in the range of Rs 7,311 crore-Rs 7,382 crore for the quarter ending June 30, 2011, and in the range of Rs 31,727 crore-Rs 32,270 crore for the financial year FY’12.
Infosys, which has Goldman Sachs, BT Group and BP Plc among its clients, added 34 clients during the quarter.
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