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Infosys quarterly profit up 15.4 percent

Infosys quarterly profit up 15.4 percent

Infosys reported a 15.4 percent rise in fiscal first quarter profit in dollar terms, missing expectations and sending its stock down by nearly 6 percent.
The Indian software services bellwether was hit by higher wages which could not be offset by strong demand from new clients.
Infosys on Tuesday reported net profit of $387 million, up from $331 million a year ago.
Revenues at India's No 2 outsourcing company were $1.671 billion for the quarter ended June 30, reflecting quarter-on-quarter growth of 4.3 percent.
Infosys shares tumbled by nearly 6 per cent as its results failed to match market expectations.


Updated : 2021-03-02 09:51 GMT+08:00