Instant View: Infosys Q1 profit up 33 pct

MUMBAI (Reuters) - Infosys Ltd , India's second-largest software services exporter, matched expectations with a 33 percent rise in its fiscal first-quarter profit, bolstered by a surge in demand for outsourcing services and a fall in the rupee.

India's $100 billion-a-year IT and back-office outsourcing sector earns about three-quarters of its revenues from customers in the United States and Europe, and faces intense competition from global rivals including IBM and Accenture .

Net profit for Infosys, whose customers include Bank of America , BT Group and GlaxoSmithKline Plc , rose to 22.89 billion rupees ($413 million) in the quarter ended June from 17.2 billion rupees a year earlier.

Analysts had forecast a net profit of 23 billion rupees for the Bangalore-based company, according to Thomson Reuters data.

COMMENTARY:

SURESH PARMAR, ASSOCIATE VICE PRESIDENT, INSTITUTIONAL EQUITIES, KJMC CAPITAL MARKETS

"The results and forecast are also not appealing. This will have a negative effect on the company. We see significant downside for the stock in the medium term."

(Reporting by India Company News & Markets Team)

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