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Infosys Technologies Ltd reported a surprise 2.6 percent drop in quarterly profit but raised its full-year revenue forecast on hopes of strong outsourcing demand from overseas clients.
Infosys, which counts Goldman Sachs, BT Group and BP among its among its more than 550 customers, forecast its 2010/11 dollar revenue to rise 19 percent to 21 percent, higher than 16-18 percent projected in April.
The company expects earnings per American depositary share to rise 5.2 percent to 9.6 percent for the year, up from its previous forecast of 4.3 percent to 8.6 percent.
ALEX MATHEWS, HEAD OF RESEARCH, GEOJIT BNP PARIBAS FINANCIAL SERVICES, KOLLAM, KERALA:
"Volatility in currency markets and weak pricing seems to have hurt results this time. But this does not mean the sector will not stabilize. It will, as the worst of the global crisis seems to be over. We should see better results from these companies in the next one or two quarters."
TEJAS DOSHI, HEAD OF RESEARCH AT SUSHIL FINANCE IN MUMBAI:
"People will now adjust their expectations for other IT majors like TCS and Wipro. The share prices of IT companies had run up on a lot of expectations ... probably more than what was warranted."
SHRADHA AGARWAL, ANALYST, BATLIVALA & KARNANI SECURITIES, MUMBAI:
"The numbers are really bad at operating levels, they are 40-50 bps down than what we had expected. The numbers would not see a significant upgrade from these levels.
VAIBHAV SANGHAVI, DIRECTOR OF AMBIT CAPITAL IN MUMBAI:
"The result is tad below street expectations. The headline figures point that there could be some margin pressures. We await more details."