Infosys hits 52-week high after Q1 profit rises over 2% QoQ

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Infosys share price gained over one percent to hit a fresh 52-week high of Rs 1,597.25 on the BSE after the IT major announced its earnings for the June quarter.

Infosys hits 52-week high after Q1 profit rises over 2% QoQ
Shares of Infosys hit a fresh 52-week high of Rs 1,597.25 on the BSE on Thursday, gaining over one percent after the IT major announced its earnings for the June quarter.
The country’s second-largest software services provider Infosys reported a consolidated net profit of Rs 5,195 crore for the first quarter of fiscal 2022, registering a growth of 2.34 percent sequentially.
Infosys’ revenue in rupee terms increased six percent to Rs 27,896 crore from Rs 26,311 crore, QoQ. The topline in dollar terms grew by 4.7 percent sequentially to $3,782 million. The revenue beat CNBC-TV18 analysts' poll expectations of Rs 27,718 crore.
The revenue growth in constant currency was at 4.8 percent on a sequential basis.
The company increased its full-year revenue growth forecast in constant currency terms to 14-16 percent from 12-14 percent earlier.
At the operating level, EBIT increased 2.5 percent to Rs 6,603 crore from Rs 6,440 crore, while EBIT margin declined by 80 bps to 23.7 percent from 24.5 percent, sequentially.
Brokerages have maintained their bullish view on Infosys on the back of the company’s strong revenue growth but see margin headwinds ahead.
Credit Suisse said that Infosys’ strong revenue performance was offset by a weaker margin while its upward revision in revenue guidance was positive.
It has an ‘outperform’ rating on the stock and raised the target price to Rs 1,890 per share.
At 9:45 am, the shares of Infosys were trading flat at Rs 1,576.00 apiece on the BSE.

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