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Infosys Q1 net beats forecast

Infosys Technologies Ltd, India's largest listed software services exporter, said on Wednesday its April-June net profit rose slightly above market expectations.

Topline growth substantially exceeded expectations.

The software bellwether's first-quarter net profit rose to Rs 2.17 billion ($44.5 million) or Rs 32.46 per share, from Rs 1.90 billion or 28.59 a share in the previous quarter. Total income rose to Rs 7.65 billion.

A Reuters poll of 10 brokerages released on Tuesday estimated a median net profit of Rs 2.13 billion on net sales of Rs 6.99 billion.

Bangalore-based Infosys had forecast first-quarter software sales between Rs 6.84-6.94 billion and earnings per share of Rs 31 to 32.

The Nasdaq-listed company, the first major software firm to report results, provides software services to about 300 clients including Cisco, ING Group and Boeing.

Its results came before the start of trading on the Bombay Stock Exchange on Wednesday. After the first 17 minutes of trading, the shares were up 2.2 per cent at Rs 3,467.00.

At Tuesday's closing level of Rs 3,391.85, Infosys' shares had fallen 16.7 per cent in the past six months, compared with a 8.2 per cent drop in the BSE's information technology index.

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