for the sector on Thursday morning by posting a 32.92 per cent rise in its consolidated net profit at Rs 2,289 crore.
The company had posted a net profit of Rs 1,722 crore for the April-June quarter of the previous fiscal (2011-12).
Infosys in a filing to the Bombay Stock Exchange (BSE) reported that the company's
was up 28.47 per cent at Rs 9,616 crore.
Infosys stocks takes a beating on lower than expected results and were down 8 per cent on BSE at 9. 15 am since it failed to meet its dollar revenue guidance and also cut its dollar forecast for FY 2013.
SPECIAL: The Infosys dilemma: Revenues or Profit? Business Today's Goutam Das tweeted(@Goutam20) on Infosys Q1 earnings, saying Infosys reports profits lower than street expectations at Rs 2,289 crore. It is rare for Infosys to disappoint on all counts: net profits, margins, revenues, guidance, he tweets.
Infosys disappoints on dollar revenue as well as it posted $1752 million versus expectations of $1770 million. It was up 4.8 per cent at $1,671 million in the same quarter last year. Its full year guidance was revised again as firm sees growth of only 5 per cent versus expectations of 8-10 per cent.
SPECIAL:
Why Infosys is betting big on its Shanghai campus Pointing towards a tough year ahead for infotech (IT) industry, Infosys said it expectes lower IT spending.
Though the company exceeded its revenues forecast in rupee terms, it failed to meet dollar revenue guidance of $1,771 million to $1,789 million for the quarter.
It had expected its rupee revenues to be in the range of Rs 9,011 crore and Rs 9,100 crore for April-June 2012.
In Q1, rupee revenues of software companies are expected to rise marginally on the back of depreciating rupee.
Infosys did not give a revenue guidance for July- September quarter, but revised its annual forecast for FY13 to be atleast Rs 40,364 crore (year-on-year growth of 19.7 per cent) against previous guidance of Rs 38,431 crore-Rs 39,136 crore.
However, in dollar terms it has slashed its forecast of revenue to be atleast $7.34 billion (a growth of 5 per cent y-o-y) against earlier guidance of $7.55 billion-$7.69 billion (a growth of 8-10 per cent y-o-y).
This is much lower than Nasscom's growth estimate of 11-14 per cent for the industry in FY 2013.
"Our focus on Infosys 3.0 and building tommorow's enterprise coupled with disciplined execution will help us deliver high quality growth, despite challenges seen in the global economic situation, resulting in slower IT spends by large corporations," Infosys CEO and Managing Director S D Shibulal said.
As of June 30, 2012, Infosys' cash and cash-equivalents, including investments in available-for-sale financial assets and certificates of deposit and government bonds, stood at Rs 20,596 crore, as against Rs 16,969 crore as of June 30, 2011.
"Global currency volatility continues to be a big challenge for the industry. We are making the right investments balancing the short-term needs with long-term opportunities," Infosys Member of the Board and Chief Financial Officer V Balakrishnan said.
Infosys, which has Goldman Sachs, BT Group and BP Plc among its clients, added 51 new clients during the quarter.
At the end of June 30, the company had 1,51,151 employees, including 9,236 (gross) and 1,157 (net) new staff inducted during the first quarter.
With PTI inputs 
Special 
