Infosys shares trade flat ahead of second quarter results, buyback announcement

Infosys Q2FY23 Results: Infosys share price on Thursday edged higher in early trade ahead of the announcement of the second quarter result and likely announcement of a share buyback programme. At 10 AM, Infosys share price erased the gains to trade flat on the bourses. The counter was quoting a price of Rs 1422 apiece on the NSE, down by 0.20 per cent.

The country's second largest IT major is scheduled to release its Q2FY23 results today post market. Infosys peers TCS, Wipro, and HCL Tech that have already presented their earnings.

In Q2FY23, Infosys is likely to continue its revenue growth momentum while margins are expected to improve. According to Zee Business channel research, the IT firm is most likely to approve a share buyback programme of Rs 8,000-10,000 crore today. This would be the fourth such corporate activity in the last 5 years. 

In the first quarter of FY23, Infosys had delivered a robust performance as consolidated net profit jumped by 3.2 per cent YoY to Rs 5,360 crore. The revenue from operations stood at Rs 34,470 crore, higher by 23.6 per cent YoY. The attrition rate will be the focus as it could shoot further up. The growth guidance along with commentary on large deals among key monitorable.

On NSE, Infosys share has delivered a negative return of around 20 per cent in the last 6 months. The stock is available at a discount of nearly 30 per cent from its 52-week high of Rs 1953.90. Currently, the company's market cap is around Rs 5,98,94,217 crore, according to the NSE website.

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