Infosys’ net Q3 increase of 12% to Rs 5,809, increases revenue estimate for fiscal year 22

Infosys' net Q3 increase of 12% to Rs 5,809, increases revenue estimate for fiscal year 22

Infosys, the nation’s second biggest software exporter, on Wednesday revealed 12% expansion in combined net profit at Rs 5,809 crore for the quarter ending December 2021. It was Rs 5,197 crore in year-prior period. Consolidated income rose 23% to Rs 31,867 crore as againt Rs 25,927 crore a year prior. The company modified its income guidance for FY22 upwards to 19.5%-20% on a consistent cash premise, contrasted and the 16.5%-17.5% development anticipated in October.

“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.

On Wednesday, Infosys’ scrip on BSE closed 1.1% higher at Rs 1,877.60.

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 optimisation, continued operating leverage and a stable pricing environment,” said Nilanjan Roy, Chief Financial Officer.

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