Infosys Q1 Profit At Rs 4,233 Crore In June Quarter; Guides For 2% Revenue Growth

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Infosys Q1 Profit At Rs 4,233 Crore In June Quarter; Guides For 2% Revenue Growth

Infosys – the country’s second largest information technology company’s – net profit declined 2 per cent sequentially (quarter-on-quarter) to Rs 4,233 crore in the April-June period, the company said in a regulatory filing to the stock exchanges. Infosys’ revenue from operations rose 1.7 per cent to Rs 23,665 crore from Rs 23,267 crore in the previous quarter. On an annual basis, Infosys’ net profit rose 11.4 per cent from Rs 3,798 crore during the same quarter last year. The Bengaluru-based software services firm managed to secure large client deals during the COVID-19 pandemic. Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement.

In dollar terms, Infosys’ revenue declined 2.4 per cent on a sequential basis to $3,121 million, Infosys said in a press release.

Infosys has guided for 2 per cent revenue growth in constant currency terms for the current financial year while the operating margin is expected to remain in the range of 21-23 per cent, Infosys said.

“Our Q1 results, especially growth, are a clear testimony to the relevance of our service offerings and deep understanding of clients’ business priorities which is resonating with them in these times. It also demonstrates the remarkable dedication of our employees and leadership during this period,” said Salil Parekh, CEO and managing director.

Revenue from digital services came in at $1,389 million, which was 44.5 per cent of total revenues, Infosys added.

“During the last few months, we took multiple steps aimed at employee safety and well-being, while providing seamless services to our clients. Clients have recognized us for the speed, security and effectiveness of our remote enablement efforts”, said Pravin Rao, COO.

“Operating margin expanded to 22.7 per cent driven by preemptive deployment of our strategic cost levers along with tactical opportunities triggered by the COVID situation”, said Nilanjan Roy, CFO.

Infosys shares rose 6.15 per cent to close at Rs 831 ahead of the earnings announcement.

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