INSUBCONTINENT EXCLUSIVE:
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
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.
