Infosys Q1 net at Rs 3,483 cr

Source: The Hitavada      Date: 15 Jul 2017 10:43:30


BENGALURU,

July 14,

(PTI),

INDIA’S second-biggest software services firm Infosys on Friday posted a better-than-expected 1.3 per cent increase in net profit for the June quarter, helped by client wins in key markets, and raised its annual US dollar revenue outlook. The company, which registered a net profit of Rs 3,483 crore (or Rs 15.24 per share) in April-June 2017, said it would continue with its pace of hiring in India, even as it steps up recruitment in its largest market -- the US.

The Bengaluru-headquartered company also raised its US dollar revenue growth guidance for the fiscal to 7.1-9.1 per cent, from the previously projected 6.1-8.1 per cent. However, it maintained its constant currency revenue outlook at 6.5-8.5 per cent. Revenue grew 1.7 per cent to Rs 17,078 crore in the first quarter of 2017-18 as against Rs 16,782 crore in the year-ago period.

“Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts -- revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results,” Infosys CEO, Vishal Sikka told reporters here.  Infosys’ numbers are better than that announced by Tata Consultancy Services (TCS) yesterday. The larger rival posted a muted set of numbers, hit by currency fluctuations and wage hikes. It saw a 5.9 per cent fall in net profit to Rs 5,945 crore in the June quarter from the year-ago period.

However, shares of Infosys erased early gains and ended 0.5 per cent lower at Rs 972.05 apiece on the BSE today. On a sequential basis, Infosys’ net profit declined 3.3 per cent while revenues were down 0.2 per cent in rupee terms.Sarabjit Kour Nangra, Vice-President, Research - IT at Angel Broking, said that Infosys’ performance was mainly driven by the better-than-expected volume growth during the quarter.