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Business News/ Companies / Company Results/  Infosys logs fastest growth in Q1 in a decade

Infosys logs fastest growth in Q1 in a decade

The consolidated revenue from the operations increased to ₹27,896 crore from ₹23,665 crore

Infosys announces Q1 earningsPremium
Infosys announces Q1 earnings

India's second-largest Information Technology company Infosys on Wednesday reported a 22.7% year-on-year (YoY) rise in its Q1 net profit of 5,195 crore as compared to 4,233 crore in the same quarter last year. The company had posted 5,078 crore net profit in the March 2021 quarter.

The consolidated revenue from the operations increased to 27,896 crore, up nearly 18% from 23,665 crore YoY and up 6% from 26,311 crore QoQ. The closely-watched dollar revenue rose 4.7% to $3,782 million as against $3,613 million on a sequential basis.

The IT company's constant currency revenue witnessed a growth of 4.8% quarter-on-quarter (QoQ) and 16.9% on a yearly basis. The operating margin for the quarter stood at 23.7%.

Infosys said that its large deal flows remained strong with TCV of $2.6 billion in Q1. It added two new clients in the $100 million plus and 12 new clients in the $10 million category.

BFSI, and retail services vertical grew 33% and 15% respectively. In geographies, North America clocked 61.7% growth, followed by Europe (24%) and India (2.9%) on a sequential basis.

“Driven by the dedication of our employees and the trust of our clients, we grew at the fastest pace in Q1 in a decade, at 16.9% year-on-year and 4.8% quarter-on-quarter in constant currency.. This gives us confidence to increase our revenue growth guidance to 14%-16%," said Salil Parekh, CEO and MD.

Additionally, Infosys plans to hire 35,000 college graduates for FY22 to globally, according to Chief Operating Officer Pravin Rao. “As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY 22 to 35,000 globally," he said. Whereas, voluntary attrition in IT services at Infosys rose to 13.9% in the June quarter as compared to 10.9% in the March quarter.

Ahead of its Q1 earnings, Infosys shares closed 2.10% higher at 1,577.40 apeice on the BSE on Wednesday.

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Published: 14 Jul 2021, 04:24 PM IST
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