Whilst slow, Infosys 2Q 10 results are a reflection of a recovery in global IT spend. The 2.1% q-o-q growth reported in revenues was a marked improvement over the 2.6% and 2.9% q-o-q decline the company witnessed in 4Q 09 and 1Q 10, respectively. However, guidance provided suggests a q-o-q decline in 3Q 10 and marginal growth the following quarter, which is below street expectations and in our view a very conservative approach adopted by Management....

Infosys Technologies Ltd.'s (Infosys) reported 1Q 10 results outperformed market expectations at all levels, meeting Management guidance at the top-line level, while surpassing earnings forecasts. Compared to our expectations, revenues were in line, while earnings surpassed our estimate by a healthy margin. In terms of growth performance, Infosys’ 1Q 10 numbers reported an increase y-o-y. The company achieved healthy margin and earnings growth that surpassed…

While 4Q 09 revenues for Infosys Technologies Ltd. (Infosys) fell in line with our expectation, earnings were above our estimates attributable to higher-than-anticipated non-operating other income. Volume decline in both onsite and offshore operations during the quarter resulted in a sequential decline in 4Q 09 revenues, further impacting operating profitability performance. Management has provided mute guidance for both 1Q 10 as well as FY 2010 with…