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Infosys 2QFY07 results: Itís an encore! - Views on News from Equitymaster

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Infosys 2QFY07 results: Itís an encore!

Oct 11, 2006

Infosys has announced its financial results for the second quarter and half-year ended September 2006. Impressive volume growth, aided by the ever-increasing adoption of offshoring by global corporations, and continued expansion of service lines led to a power-packed performance on the topline front. Margins saw strong expansion due to cost management and SG&A leverage. The margin expansion led to an impressive sequential growth in net profits, despite considerably lower other income. For the half-year, the performance has been excellent.

Financial performance (Consolidated): A snapshotÖ
(Rs m) 1QFY07 2QFY07 Change 1HFY06 1HFY07 Change
Sales 30,150 34,510 14.5% 43,660 64,660 48.1%
Expenditure 21,260 23,420 10.2% 29,680 44,680 50.5%
Operating profit (EBDITA) 8,890 11,090 24.7% 13,980 19,980 42.9%
Operating profit margin (%) 29.5% 32.1% 32.0% 30.9%
Other income 1,280 660 -48.4% 720 1,940 169.4%
Provision for investments 30 - 10 30 200.0%
Depreciation 1,060 1,220 15.1% 1,760 2,280 29.5%
Profit before tax 9,080 10,530 16.0% 12,930 19,610 51.7%
Extraordinary items 60 - - 60
Tax 1,060 1,230 16.0% 1,500 2,290 52.7%
Minority interest 80 10 -87.5% 60 90 50.0%
Profit after tax/(loss) 8,000 9,290 16.1% 11,370 17,290 52.1%
Net profit margin (%) 26.5% 26.9% 26.0% 26.7%
No. of shares (m) 283.0 567.7 279.4 566.9
Diluted earnings per share (Rs)* 53.8
P/E ratio (x)* 37.1

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