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Infosys: Subdued Quarter, Rupee Enabled Growth

INFY reported 8.6% q-o-q increase in its top line to Rs9,616 Crores in Q1 FY2013. The depreciation of a weak Rs against $ remained the key contributor for this growth. In $ terms, the company reported 1.1% sequential decline in revenues to $1,752 million. Although INFY was able to register 2.0% increase in volumes, a 3.7% decline in pricing more than offset the gains provided by volumes, to the top line. Among the geographies, in $ terms INFY reported rising top line only in the US, where revenues increased q-o-q by 1.6%. In rest of the geographies, the company posted a decline in $ revenues. This decrease was led from the front by Europe, where revenues decline sequentially by 8.1%. While sales from India dipped 4.3%, Rest of the World (RoW) revenues shrunk 1.0% vis-à-vis Q4 FY2012. However, depreciation of Rs helped INFY to post q-o-q growth in revenues across the geographies.