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Infosys Technologies Limited ( INFY - Analyst Report ) reported first quarter fiscal 2013. Quarterly earnings per ADS from continuing operations of 73 cents, per share were in line with the Zacks Consensus Estimate. Earnings grew 9.07% year over year, led by growth in all areas and across the customer base.
Business Details
Total revenue for the quarter was $1.7 billion, representing year-over-year growth of 4.8%. The company saw growth in retail and manufacturing and also in banking, insurance and financial services.
The company had a good quarter in terms of client additions. Infosys added 51 new clients during the quarter. In addition, during the quarter, the company launched Infosys BrandEdge™ in partnership with Fabric, a WPP company. This is a comprehensive cloud-based offering and also the first of its kind that simplifies digital marketing by bringing together integrated marketing and technology expertise on a single platform.
Income
The company recorded an operating profit of $489 million compared with $435 million in the prior-year period. Net income after tax was $416 million for the quarter, which was up 8.3% year over year.
Balance Sheet
Infosys maintains a strong liquidity position with cash & cash equivalents, including investments in available-for-sale financial assets and certificates of deposits, amounting to $3.6 billion at the end of the quarter.
Outlook
For the fiscal ending March 31, 2013 management has lowered its guidance. Infosys now expects revenues of at least $7.4 billion, reflecting year over year growth of 5.0%. Management had guided revenues in the range of $7.55 billion to $7.69 billion earlier.
Earnings per ADS are expected to be $3.03, up 1.0% from the year-ago quarter. Previously, earnings were expected to be in the range of 3.12 to $3.17 a share.
For the fiscal year ending March 31, 2013, the company expects revenue to reflect year-over-year growth of 8.0% to 10.0%. Earnings per ADS are expected to be $3.00 compared to a range of $3.12 to $3.17.
Infosys currently holds a Zacks Rank of #3 which currently implies a short-term Hold recommendation on the stock.
Read the full Analyst Report on INFY