Infosys Technologies Ltd

Research report by 'Ventura Securities Ltd'
     
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Infosys, the second largest domestic software company, has reported Net Sales of Rs 6198 crore in Q1FY11, up by 13.3% against Rs 5472 crore in Q1FY11. Revival of demand in US region, BFSI and Retail segment were the leading factors for better than expected quarterly revenues. Due to higher salaries and lower billing rates, Q1FY11 EBITDA fell by 7.1% to Rs 1735 crore. Meanwhile, loss of STPI tax holiday status of certain units resulted in higher tax provisioning, and thus triggered a decline of 6% (YoY) in Q1FY11 Net Profit to Rs 1488.0 crore. The company has given guidance of 17.5%-18.6% in topline for Q2FY11.For FY11; the company expects consolidated revenues to register growth of 16.3-18.2%.


   
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