Infosys Beats Market Maths, Logs Rs 3,030 Crore Q1 Net Profit

Published: 22nd July 2015 03:58 AM  |   Last Updated: 22nd July 2015 03:58 AM   |  A+A-

BENGALURU:  IT major Infosys on Tuesday beat street expectations by posting around 5 per cent growth in consolidated net profit at Rs 3,030 crore for the April-June quarter as against Rs 2,886 crore in the same period last year and also raised its full-year sales growth forecast.  Consolidated revenue for the quarter increased by 12.4 per cent over the same period last year to Rs 14,354 crore (Rs 12,770 crore).

Announcing the results here, Infosys CEO and Managing Director Vishal Sikka  attributed the growth to the company’s efforts in adopting innovation, which helped the company win more IT contracts.

The company also raised the revenue growth range to 7.2 to 9.2 per cent in dollar terms for the financial year ending March 2016 from the earlier projection of 6.2 to 8.2 per cent.

The company expects that growth in the entire financial year will be between 11.5 per cent and 13.5 per cent in revenue in rupee terms.

Infosys CFO Rajiv Bansal said, “Pricing environment is competitive, which Infosys is addressing through automation and improvement in productivity.”

In US dollar terms, its consolidated net profit declined 1.3 per cent to $476 million in the first quarter of 2015-16, while revenue rose 5.7 per cent to $2.25 billion.

Industry body Nasscom expects the Indian IT-BPM sector to grow 14-16 per cent in dollar terms for the fiscal.

Around 79 clients were added in the quarter and six major deals were signed with a total value of $688 million.

Headcount at Infosys increased by 3,336 employees and stood at 1,79,523 employees as on June 30. The quarterly attrition rate stood at 14.2 per cent, down from 23.4 per cent a year ago.

The company’s stocks closed at Rs 1112.65 on the Bombay Stock Exchange, a gain of 11.05 per cent through the day.

Commenting on the results, Alex Mathews, Head Research, Geojit BNP Paribas Financial Services said, “In its earnings, Infy beat the street expectations and also raised its full year revenue guidance.”

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