Thursday, January 10, 2013

Infosys Q3 beats estimates, net profit at Rs. 2,370 crore

IT major Infosys' third quarter profit for the October to December period was flat at Rs. 2,369 crore, but the numbers are better than estimates of Rs. 2,244 crore.

Sales rose 5.7 per cent to Rs. 10,424 crore from Rs. 9,858 crore in the previous quarter. On a year-on-year basis, sales jumped 12 per cent from Rs. 9,300 crore a year earlier. 

The biggest positive for the stock was the upward revision announced in the full year dollar sales forecast. Infosys said FY13 revenue forecast is seen at $7.45 billion, which is better than $7.34 billion projected by the management earlier.
Recently LIC raised their holdings in Infy to 7.24 from 4.92.
Ahead of this robust numbers and upward revision revenue guidance I expect Infy to cross 3000 mark in another 6 months.So I initiate a buy call on Infy with a delivery target of Rs.3000 in 3 months frame

No comments:

Post a Comment