Thursday , November 26 2020

Infosys Q3 profit jumps 23.5% to Rs 4,457 cr; revenue guidance raised to 10-10.5% – Economic Times, The Times of India


NEW DELHI:Infosyson Friday beat Street estimates to report a (*******************************. 56 per cent year-on-year rise in profit at Rs 4, 728 crore compared with Rs 3, 823 crore posted for the same quarter last year. Analysts in an ET NOW poll had estimated the number at Rs 4, 457. 90 crore.

Revenue for the quarter rose 7.9 per cent to Rs 49, 204 crore compared with Rs 23, 457 crore in the year-ago period.

The IT major raised revenue growth forecast in constant currency terms to 10 – 21 .5 per cent for FY 23 from 9 – per cent earlier.

Operating margins for the quarter came in at 21. 9 per cent, a fall of 90 basis points over (********************************. 6 per cent in the December quarter of 2018.

“Q3 results further underscore that we remain steadfast in our journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next leg in the digital transformation era,” said Salil Parekh, CEO and MD. “For us, this has translated into double-digit growth year-to-date, leading to an increase in revenue guidance, accompanied by expanding operating margins.”

In constant currency terms, revenue for the quarter rose 9.5 per cent on a yearly basis and 1 per cent on a sequential basis.

The company bagged $ 1.8 billion in large orders, the IT firm said in a regulatory filing.

“Overall performance during the quarter was satisfactory on multiple counts –- broad-based growth, steady increase in client metrics and healthy large deal wins,” said Pravin Rao, COO. “Large deal wins continue to be robust with growth of 56 per cent so far this year. We had a further reduction in attrition, demonstrating the results of our continued efforts towards strengthening employee engagement and value proposition. ”

CFO Nilanjan Roy noted that cash generation for the quarter was strong with cumulative free cash flow crossing $ 1.5 billion. Return on equity (ROE) increased to (******************************. 9 per cent for the quarter, led by margin expansion and increased shareholder payouts.

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