Infosys Ltd reported profit and forecast well above analysts expectations, boosted by cost cutting measures.
It reported a net profit of Rs 2,992 cr, compared to the 2,800 cr the street was expecting. Forecast for dollar revenue growth for the current financial year came at 7-9%, above the 7% that the Street was expecting.
Infosys stock rose nearly 5%.
Operating margin rose to 25.48% from 25% in the previous quarter.
Infosys gave salary hikes of 6-7% for offshore employees in April and 1-2% for onsite employees.
Revenue for the fourth quarter, however, was slightly below estimates. While analysts had estimated 13,000 cr, Infosys reported revenue of 12,875 crore.
Infosys’ profit was boosted by a big cut in operating expenses that boosted gross and EBITDA margins as well.