Infosys July-September Profit Beats Forecasts, Company To Hike Salaries From January

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.

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.

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 – which provides services such as cloud, data and analytics – said its revenue climbed to Rs 24,570 crore in the quarter ended September 30, from Rs 23,665 crore in the April-June period. Revenue also beat Street expectations. 

The company’s board announced an interim dividend of Rs 12 per share, and fixed November 11 as payment date.

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