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Infosys: Subdued performance

Apr 12, 2013

IT services major Infosys Ltd has announced its fourth quarter results for the financial year 2012-2013 (4QFY13). The company has reported a 0.3% quarter-on-quarter (QoQ) growth in its sales and a 1.1% QoQ growth in its net profits. Here is our analysis of the results.

Performance summary
  • Sales grew by 0.3% QoQ during 4QFY13. This came on the back of 1.8% QoQ growth in volumes and a 1.5% QoQ decline in pricing. For the financial year ended March 2013 (FY13), sales grew by 19.6% year-on-year (YoY).
  • Operating margins declined by 2.1% QoQ to 23.6% during the quarter as compared to 25.7% recorded in the previous quarter (3QFY13). For FY13, margins declined by 3.1% YoY as compared to the same period last year.
  • Lower operating margins and lower effective tax rate led to just 1.1% QoQ growth in net profits during the quarter. The net profit growth would have been less if not for a huge growth of 34% QoQ in other income during the quarter. For FY13, net profit increased by 13.3% YoY.
  • The company added 56 new clients during the quarter taking the total number of active clients to 798.
  • Infosys has proposed a final dividend of Rs 27 per share, which translates to a dividend yield of 1.1%.

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