UPDATE: Infosys Q1 Net Profit Surges 21.6%

India's Infosys

reported a 21.6% rise in its net profit for the quarter ended June 30. The Bangalore-based company's quarterly net profit surged to 28.86 billion rupees ($480 million), versus a year-ago profit of 23.74 billion rupees. Its revenue climbed 13.3% to 127.70 billion rupees. However, analysts were expecting a profit of 26.72 billion rupees on sales of 128.20 billion rupees. Its earnings before interest and tax slipped 2.1% quarter-over-quarter to Rs 3,211 crore, while margin shrank 40 basis points to 25.1%. Infosys added 61 customers in the quarter, while employee attrition stood at 19.5% during the quarter. It also added 11,506 employees during fiscal year 2013-14. The company's press release offered the following comment from U. B. Pravin Rao, chief operating officer of Infosys: "We saw positive trends in our large deal wins during the quarter." Infosys projects revenue to rise 7% to 9% for the year to March 2015. Infosys shares gained 1.56% to $56.52 in after-hours trading.