By Malvika Gurung
Investing.com -- Shares of the IT behemoth Infosys (NS:INFY) jumped over 5% on Friday after releasing its earnings results for the September ending quarter post-market hours on Thursday.
While writing, the IT scrip traded 5.06% higher at Rs 1,491.7 apiece, riding as the best performer/top gainer on benchmark indices Nifty50 and Sensex, and the shining sectoral index Nifty IT.
Infosys posted a better-than-expected consolidated net profit of Rs 6,021 in the Sept quarter, up 11.1% YoY and 12.3% sequentially, while its revenue from operations surged 23.4% YoY to Rs 36,538 crore.
Investors cheered the country’s second-largest IT company’s Q2 earnings data, which pushed its market capitalization to Rs 6,27,281 crore and lifted it to two positions above in the list of India’s top-10 most valued companies in terms of market capitalization.
Infosys now ranks as the 4th largest company in the elite Big Boys club, replacing the FMCG giant Hindustan Unilever (NS:HLL) and second to Reliance Industries (NS:RELI), TCS (NS:TCS) and HDFC Bank (NS:HDBK).
The IT heavyweight raised its FY23 revenue guidance to 15%-16% from 14%-16% and narrowed the margin guidance to 21-22% from 21-23%. Its operating margins expanded by 150 basis points sequentially to 21.5%, declining a whopping 2.1% YoY.
Its board announced a share buyback of Rs 9,300 crore for a maximum buyback price of Rs 1,850 apiece, along with an interim dividend of Rs 16.5/share.
To read the complete Q2 FY23 results of Infosys, continue reading Infosys Q2: FY23 Revenue & Margin Guidances, Shareholder Rewards & More