BENGALURU: IT services major Infosys CEO Salil Parekh said that the company has augmented its technology team, project management, and increased bandwidths to fix the technical glitches on the income tax portal which had irked the Union Finance Minister Nirmala Sitharaman after the income tax payers flagged the issue on social media networks.
In rupee terms revenue grew by 6.0% q-o-q to Rs 27,896 crore while gross profits grew by 2.7% q-o-q to Rs 9,390 crore. Net profit for the quarter grew by 2.3% to Rs 5,195 crore. Infosys also maintained its deal momentum as the company reported deal wins of $ 2.6bn as compared to $ 2.1bn in Q4FY21.
Infosys non-executive chairman Nandan Nilekani had assured the finance minister that the company is working to address the user concerns. Bengaluru-headquartered firm has been caught at the wrong foot for poor handling of government projects in the past, which had invited criticism from union ministers as well as top officials.
Infosys Chief Operating Officer Pravin Rao said during the quarterly results media briefing that the IT portal witnesses huge traffic on a daily basis with 8-10 lakh users. “About 10 lakh IT returns have been filed through the portal so far, and on Tuesday, one lakh filings were made. In addition, lakhs of users have been able to link their Aadhar and other know-your-customer details (KYC) with their ITR and other filings,” Rao said.
He added that the company has made some progress and will further roll out more functionalities and increase the bandwidth for seamless user experience. This comes on the heels of a recent meeting between the finance ministry officials and Infosys executives over the IT portal concerns.
Meanwhile, the company is planning to hire 25,000 fresh college graduates over the next few quarters and has made a net addition of 8,000 employees during the June quarter. However, rising attrition rate continued to pose a challenge especially on the supply crunch front for big projects. The attrition rate (LTM) stood at 13.9%, higher than the last quarter. Rao said that the company is focused on investments in employee engagement, retention programmes and has so far announced two cycles of wage hikes.
Infosys Q1 performance
Revenue up by 6 per cent QoQ at Rs 27,896 crore
Net profit grew by 2.3 QoQ at Rs 5,195 crore
Revised growth guidance- 14-16 per cent in constant currency terms