UPDATE: Infosys Posts Higher Quarterly Profit

reported a 13% gain in net profit for the three months ended Dec. 31. The company also maintained its revenue growth forecast for the year. The Bengaluru, India-based company posted a quarterly net profit of 32.50 billion rupees ($522 million), versus a year-ago profit of 28.75 billion rupees. However, analysts were expecting a profit of 31.62 billion rupees. In dollar terms, the company's net profit surged 12.7% y/y to $522 million. Its revenue climbed 5.9% to 137.96 billion rupees. In dollar terms, revenue climbed 5.6% y/y to $2,218 million. Infosys' business volumes increased 4% in the quarter. Operating margins widened 170 bps y/y to 26.7%. For the current fiscal year, Infosys maintained its revenue growth outlook of 7% to 9% in dollar terms. The company posted revenue of $8.25 billion previous year. "We are excited by several breakthrough results in Q3. Our 'renew and new' strategy, is being received well by our clients and our ecosystem and we are already seeing its early adoption," said Dr. Vishal Sikka, CEO and Managing Director. Infosys shares rose 0.53% to close at $32.11 yesterday.