IT Bellwether takes a Beating

Infosys report card is out and as widely guessed - their net profit (Rs 1,028 crore) for this quarter is down 8.5% from Rs 1,124 crore in the last quarter.

V Balakrishnan, CFO, Infosys: “The sharp appreciation of the rupee against all major currencies impacted our operating margins during the quarter. He adds "However, our robust and flexible operating and financial model enabled us to maintain our net margins while absorbing the impact of appreciating currency, higher wages and visa costs.”

Thanks to the technology stocks, the market has come down from its 15K peak.

Full report in Economic Times.