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Infosys reports 14% rise in profit to Rs 4,845 crore in July-September, announces dividend of Rs 12 per share

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Bengaluru-based Infosys raised its annual revenue growth forecast Infosys, the country's second largest IT company, on Wednesday reported a 14 per cent rise in net profit to Rs 4,845 crore in the July-September period compared to the previous quarter, beating analysts' estimates.

In a regulatory filing after market hours, the IT major said its revenue increased 3.82 per cent sequentially to Rs 24,570 crore in the quarter ended September 30.

Growth in client demand for its digital services during the coronavirus crisis boosted the company's profitability.

Analysts on average had expected the company's profit at Rs 4,519 crore over revenue of Rs 24,191 crore, news agency Reuters reported citing Refinitiv data.The company's upbeat profit this quarter comes in contrast to peers TCS and Wipro, which saw their profit drop 7.1 per cent and 3.4 per cent respectively.Revenue from its financial services segment grew 5.55 per cent to Rs 7,871 crore, and that from retail rose 7.67 per cent to Rs 3,651 crore, Infosys said. Bengaluru-based Infosys raised its annual revenue growth forecast.

The company - co-founded by billionaire NR Narayana Murthy - revised its annual revenue forecast to 2-3 per cent in constant currency terms, from an earlier expectation of 0-2 per cent.“Increase in revenue and margin outlook for FY21 is due to the continued trust clients have in us.

I am extremely proud of our team for achieving these results in challenging business conditions globally," said Salil Parekh, CEO and managing director, Infosys.Infosys said it will roll out salary increases and promotions across all levels effective January 1.Infosys reported a quarterly operating margin of 25.4 per cent, up from 21.7 per cent last year, following rivals Tata Consultancy Services that posted a 2.2 per cent rise in its operating margin to 26.2 per cent. Wipro saw a marginal rise to 19.2 per cent for the period.The company's board announced an interim dividend of Rs 12 per share, and fixed November 11 as payment date.During the quarter, Infosys had a gross addition of 96 clients, in line with 96 client additions last year.The software major said its voluntary attrition for IT services declined to 7.8 pre cent, from 18.3 per cent in the year-ago period. 




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Category: Business


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