Infosys Posts Upbeat Q2 Profit

Indian company Infosys

reported better-than-expected second-quarter profit. Infosys posted its quarterly profit of 30.96 billion rupees ($508 million), versus a year-ago profit of 24.07 billion rupees. Its revenue climbed 2.9% to 133.42 billion rupees. However, analysts were expecting a profit of 29.78 billion rupees. In dollar terms, Infosys' net profit climbed 33.4% to US $511 million from US $383 million, while revenue gained 6.5% to US $2.2 billion from US $2.07 billion. Infosys declared an interim dividend of 30 rupees per share. "Digital transformation is reshaping the business of every one of our clients. We see this as a great opportunity to help them renew the core of their business as well as to expand into new frontiers and are seeing early positive results," Infosys CEO and Managing Director Vishal Sikka said. “Our strategy is to apply the same principles to our own business in order to capture this opportunity and accelerate our growth, within our culture of lifelong learning and purposeful work.” For the current fiscal year, Infosys projects revenue to rise 7% to 9%. The company reported revenue of $8.25 billion during the last fiscal year. Infosys shares fell 1.59% to close at $59.41 yesterday..