Infosys Q2 net profit rises by 10.7%
India's No 2 software services exporter reported a 10.7 per cent rise in quarterly profit, roughly in line with expectations.
Infosys Ltd, India's No 2 software services exporter, reported a 10.7 per cent rise in quarterly profit, roughly in line with expectations, as a weak rupee boosted margins.Bangalore-based Infosys, said on Wednesday that consolidated net profit rose to Rs19.06 billion ($387 million) for the fiscal second quarter ended September 30, from 17.22 billion rupees reported a year ago.A Reuters poll of brokerages had forecast a profit of Rs18.91 billion for the company, which counts Goldman Sachs, BT Group and BP among its main clients.India's $76 billion showpiece IT sector, which feeds off increased outsourcing by companies looking to cut costs, is expected to face pricing pressure and a decline in new orders due to a struggling global economy.Infosys, worth about $29 billion, has lost more than a quarter of its market value this year, versus a 25 percent fall in the sector index and a 19 percent fall in the Mumbai index.