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Infosys: A slow process of recovery
Oct 11, 2013

IT services major Infosys Ltd has announced its second quarter results for the financial year 2013-2014 (2QFY14). The company has reported a 15.1% quarter-on-quarter (QoQ) growth in its sales and a 1.4% QoQ growth in its net profits. Here is our analysis of the results.

Performance summary
  • Consolidated sales increased by 15.1% QoQ during 2QFY14.
  • However, operating profits increased by just 6.5% and the operating margin, which came in at 21.9%, fell 170 basis points (bps) compared to 1QFY14. This was due to a 29.6% rise in selling and marketing costs along with a 41% rise in administrative costs; which was largely as a result of provisioning of Rs 2.19 bn towards visa related matters.
  • This slow growth in operating profit combined with a fall of 11.6% in other income, resulted in the profit before tax (PBT) growing by just 3.3%.
  • Muted pre-tax profit along with a marginal rise in the tax rate for the quarter meant that the net profit increased by 1.4%.
  • The company added 66 new clients (gross) during the quarter.

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