Infosys Technologies Ltd. reported a 34.5 percent jump in quarterly profit on Wednesday, but shares fell after the Indian software developer lowered its full year profit outlook.
Shares of the Mumbai-listed company fell 4.5 percent on Wednesday to 1,929.70 rupees ($47.93). American Depositary shares fell 2.2 percent on the Nasdaq Stock Market.
The Bangalore-based firm said net-income rose to 10.79 billion rupees ($268 million), or 18.89 rupees (47 cents) per share from 8 billion rupees, or 14.14 rupees per share a year ago.
The value of the Rupee worr
Revenue in the quarter increased 25.1 percent to 37.73 billion rupees ($939 million) for the quarter ending June 30.
The sharp appreciation of the rupee against all major currencies impacted our operating margins during the quarter, said Chief Financial Officer V. Balakrishnan in a statement.
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, he said.
Bombay-based Infosys lowered its full year projection to 78.20 rupees, less that its April forecast of least 80.29 rupees.