Infosys net profit rises mildly by 3.1% on-yr in Q1, misses expectations; revenue guidance increased

Infosys reported a soft 3.1% on-year growth in net profit in the fiscal first quarter, to touch Rs 5,362 crore, missing Dalal Street expectations. Although the company reported growth in profits when compared to the previous year, sequentially, profits were lower. The consolidated revenue in constant currency terms of the Information Technology behemoth soared 23.6% from the same period last year to Rs 34,470 crore. Infosys was expected to post an 8-10% growth in net profit in the April-June quarter of the current financial year. The Infosys stock had closed down 1.73% at 1,506 per share on Friday.