MUMBAI (Reuters) - Infosys, India's second-largest software services exporter, met expectations on Friday with a 3.7 percent year-on-year increase in quarterly net profit after contract wins and foreign exchange gains boosted earnings.
Consolidated net profit for the fiscal first quarter ended June 30 rose to 23.74 billion rupees from 22.89 billion rupees in the same year-ago period.
The profit compares with the 23.3 billion rupee average of 18 analyst estimates according to Thomson Reuters I/B/E/S for the company, whose customers include Bank of America, BT Group, Procter & Gamble Co and Volkswagen AG.
Infosys also maintained its forecast for 6-10 percent revenue growth for the current 2013/14 financial year.
Following are quick comments from analysts.
TARUN SISODIA, DIRECTOR, CHANAKYA NITI PVT LTD, MUMBAI
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"This is far better than what some people in the market were expecting. The earnings have been pretty volatile in the last few quarters and this time around the expectations were muted given what has happened in the company recently.
"I think the stock should now go for re-rating."
(Reporting by Sumeet Chatterjee; Editing by Ranjit Gangadharan)