FUNDAQUITY: Infosys Q2 profit rises by 20% as compared to the same period last year.

Wednesday, October 14, 2020

Infosys Q2 profit rises by 20% as compared to the same period last year.

Q2 - Profits rise

India's second largest software services provider on Wednesday reported 20.5 per cent year-on-year (YoY) increase in the net profit for the September quarter.

The company posted ₹4,019 crore profit for the corresponding quarter last year. Consolidated revenue from operations increased to ₹24,570 crore in Q2FY21, up by 8.6% YoY. The operating profit also rose to ₹6,228 crore, growth of 26.8% YoY.

Revision in Growth Guidance

Infosys revised its revenue growth guidance upward to 2-3% in constant currency for financial year 2020-21, from 0-2% earlier. The full year operating margin guidance also revised upward to 23-24%, against 21-23% earlier.

“Our second quarter performance is a clear reflection of our ability to help clients on their digital transformation journeys. Our digital and cloud capabilities combined with intense client relevance are helping us achieve differentiated results in the market as is visible in 2.2% year on year overall revenue growth and 25.4% growth from digital offerings, which now are at 47.3% of revenues", said Salil Parekh, CEO and MD.

2nd Largest IT Company

Infosys Limited, is an Indian multinational corporation that provides business consulting, information technology and outsourcing services. The company is headquartered in Bangalore, Karnataka, India.^[6] Infosys is the second-largest Indian IT company after Tata Consultancy Services by 2017 revenue figures and the 596th largest public company in the world based on revenue.