Infosys surges 5%; Q2 earnings, Rs 9,300 cr share buyback lifts sentiment

Shares of Infosys rallied 5 per cent to Rs 1,487.70 on the BSE in Friday’s intra-day trade after the IT major posted better-than-expected 11 per cent year-on-year (YoY) growth in consolidated net profit at Rs 6,021 crore for the September quarter and announced buyback of shares worth Rs 9,300 crore.

“Infosys’ Q2-FY23 results were ahead of estimates, with revenues in line with esimates, but margins (up 140bps QoQ to 21.5%) surprised positively due to lower subcontracting costs and drove the earnings beat. While the size of the buyback is in line with our expectation, the maximum price is slightly ahead of estimates,” wrote Akshat Agarwal and Ankur Pant of Jefferies in a post result note.