Infosys, the country’s second largest software exporter, on Wednesday, reported a 12% increase in consolidated net profit at Rs 5,809 crore for the quarter ending December 2021. It was Rs 5,197 crore in the year-ago period.
Consolidated revenue rose 23% to Rs 31,867 crore as against Rs 25,927 crore a year ago. The company revised its revenue guidance for FY22 upwards to 19.5%-20% on a constant currency basis, compared with the 16.5%-17.5% growth predicted in October.
On Wednesday, Infosys’ scrip on BSE closed 1.1% higher at Rs 1,877.60.
“Our strong performance and market share gains are a testament to the enormous confidence our clients have in us to help them in their digital transformation. This stems from four years of sustained strategic focus on areas of relevance for our clients in digital and cloud, continued re-skilling of our people, and deep relationships of trust that our clients have with us. This is reflected in an upgrade in our revenue guidance to 19.5%-20.0% for FY22. We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations”, said Salil Parekh, CEO, and MD.
The Bengaluru-based IT firm’s banking, financial services, and insurance unit, which accounts for over a third of the total, posted a 16.85% growth in the quarter.
India’s $194-billion IT industry has been a big beneficiary from the pandemic spurring global companies to bolster investments in services ranging from cloud computing, digital payment infrastructure to cyber-security.
“Despite the cost escalations driven primarily by supply-side challenges, we delivered another quarter of healthy margins, with improved cost optimization, continued operating leverage, and a stable pricing environment,” said Nilanjan Roy, Chief Financial Officer.