Infosys and Wipro net profit beats market forecasts

Infosys reported 12 per cent growth in consolidated net profit at Rs 5,421 crore for the second quarter ended September 30, 2021, compared to Rs 4,845 crore in the same quarter last year.

Published: 14th October 2021 10:22 AM  |   Last Updated: 14th October 2021 10:22 AM   |  A+A-


Infosys (File Photo | EPS)

By Express News Service

NEW DELHI: Two of India’s leading IT companies - Infosys and Wipro - reported positive quarterly performance that managed to beat the Street's estimate, unlike market leader TCS that missed the mark last week.

India’s second largest software exporter - Infosys - on Wednesday reported 12 per cent growth in consolidated net profit at Rs 5,421 crore for the second quarter ended September 30, 2021, compared to Rs 4,845 crore in the same quarter last year.  Its revenue during the quarter rose 20 per cent Year-on-Year to Rs 29,602 .  

The Bengaluru-based company also raised its annual revenue outlook between 16.5 per cent and 17.5 per cent in the financial year to March 2022, compared with its July prediction of 14 per cent to 16 per cent growth.

However, it maintained its annual margin forecast at 22 per cent to 24 per cent. Infosys also highlighted that large deal signings stood at USD 2.15 billion in Q2FY22, compared with USD 2.6 billion in the June quarter and USD .15 billion a year earlier

“As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosysy CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market,” said Salil Parekh, CEO and MD of Infosys.

He also informed that functioning of the income tax portal is stabilizing and close to 1.9 crore returns have been filed using the new system.  The company also announced expanding its fresher hiring program to 45,000 for the year. This comes at a time when its attrition spiked to 20.1% compared to 13.9% in the previous quarter amidst strong battle between companies to attract talent at a premium salary. 

Wipro, the other Bengaluru-based IT major reported a 9.6% sequential decline in consolidated net profit in Q2FY22 to Rs 2,930.7 crore, which was still above analysts’ expectations. Its net profit surged 19% yoy. The company’s consolidated revenue for the quarter climbed 7.7% quarter-on-quarter to Rs 19,667.4 crore.

Jatin Dalal, Chief Financial Officer of Wipro, said, “We sustained our operating margins in Q2 in a narrow band even after absorbing the full impact of our recent acquisitions and investing significantly in our business across sales, capabilities and talent.”

Mindtree reports 57 per cent YoY increase in net profit

IT services firm Mindtree reported a net profit of Rs 398.9 crore for the quarter ended September 30, 2021, up 57.2% YoY. The company’s revenue was up 34.3% to Rs 2,586.2 crore. "We are pleased to report yet another outstanding quarter of all-round performance," said Debashis Chatterjee, CEO and Managing Director, Mindtree.

He added, "We maintained EBITDA margin at 20.5% while making aggressive investments in further expanding our domain, digital and leadership capabilities, geographic footprint, and hyperscaler partnerships."

  • Rs 5,421 crore: Infosys net profit in Sept quarter

  • Rs 29,602 crore: Infosys revenue in Sept quarter

  • 16.5-17.5 per cent: Infosys revenue outlook

  • 45,000: Infosys fresh hiring in FY2022


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