Infosys shares surged nearly 5% in morning trade on Friday following the IT major’s announcement of a 7% increase in consolidated net profit for the April-June quarter. The company also raised its growth outlook for the current financial year. The stock reached a 52-week high of Rs 1,843 on the BSE, marking a 4.76% jump.
On the NSE, it climbed 4.88% to Rs 1,844. The market valuation of the company increased by Rs 20,843.19 crore to reach Rs 7,51,247.27 crore during morning trade, making it the top gainer among BSE Sensex and NSE Nifty firms. Infosys reported a profit of Rs 6,368 crore in the April-June quarter and raised its growth outlook for the current financial year.
The IT major plans to hire 15,000-20,000 freshers this year, depending on the company’s growth. This reflects a positive trend following a decline in headcount since the March 2023 quarter.
Infosys’ consolidated revenue increased by 3.6% to Rs 39,315 crore in the reported quarter.
The company raised its revenue growth guidance for the current fiscal year to 3-4% in constant currency terms, up from the earlier prediction of 1-3%. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “Infosys’ Q1 numbers have surpassed market expectations on all parameters.”