Infosys Has Highest Revenues In Decade, Pandemic Drives Gains
The country's second largest software services company - Infosys on Wednesday reported that its net profit in quarter ended June 2021 rose 23 per cent annually to Rs 5,195 crore from Rs 4,233 crore during the same quarter last year on the back of large deal wins. On a sequential basis, Infosys profit registered growth of 2.34 per cent.
The company's revenue also went up by 6 per cent on quarter on quarter basis and stood at Rs 27,896 crore for the period ending June 30, 2021.
The software services provider's revenue growth in constant currency terms came in at 4.8 per cent on a sequential basis.
During the quarter, Infosys closed large deals worth $2.6 billion. Operating margin for the quarter was robust at 23.7 per cent, with Free Cash Flows growing by 18.5 per cent year on year.
Infosys raised revenue guidance for current financial year to 14-16 per cent and margin guidance was retained at 22-24 per cent.
“Driven by the dedication of our employees and the trust of our clients, we grew at the fastest pace in the first quarter in a decade, at 16.9 per cent year-on-year and 4.8 per cent quarter-on-quarter in constant currency. I am proud of our employees, who as ‘One Infosys' demonstrate resilience and commitment in delivering for our clients. This gives us confidence to increase our revenue growth guidance to 14%-16%”, said Salil Parekh, CEO and MD of Infosys.
“As Infosys completes forty remarkable years, its continuing success and global impact are a testament to the vision of the founders and all the leaders who have shaped the company,” he added.
“We remain confident of delivering on the margin guidance, underpinned by our comprehensive cost
optimization program, despite increasing cost headwinds arising largely from compensation review, talent acquisition and retention”, said Infosys' Chief Financial Officer Nilanjan Roy, while commenting on the first quarter results of the company.
Infosys shares ended 2 per cent higher at Rs 1,577 ahead of June quarter earnings.
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