Home >Companies >News >Infosys to roll out salary hikes, promotions across all levels

Infosys today announced that it will roll out salary increases and promotions across all levels effective 1st January. Infosys also said it is giving 100% variable pay along with a special incentive for Q2. Infosys had over 2.40 lakh employees as of September end. The IT services company made this announcement while declaring its quarterly results.

“The strength and resilience of Infosys was fully visible in Q2 with operating metrics witnessing a healthy increase, broad-based growth, highest ever large deal TCV at $ 3.15 billion and attrition reducing to single digits," said COO Pravin Rao. “Employees have been critical part of our success. As a recognition of their stellar performance, we are giving 100% variable pay along with a special incentive for Q2. Additionally, we are rolling out salary increases and promotions across all levels effective Jan 1st."

In the September quarter, voluntary attrition for IT services declined to 7.8% from 18.3% of the previous year, Infosys said.

Rival TCS had last week announced salary hikes for its employees will be rolled out effective October 1.

Infosys Ltd, India's second-biggest software firm, today reported a 20.6% rise in September-quarter profit, helped by growth in client demand for its new-age digital services such as cloud, data and analytics during the pandemic.

Bengaluru-based Infosys's consolidated net profit climbed to 4,845 crore from 4,019 crore a year earlier. Revenue rose to 24,570 crore from 22,629 crore in the quarter with operating margin at 25.4%.

In September quarter, digital contributed to 47.3% of revenues.

“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 CEO and MD Salil Parekh.

“Increase in revenue and margin outlook for FY 21 is due to the continued trust clients have in us. I am extremely proud of our team for achieving these results in challenging business conditions globally."

Infosys today revised FY21 revenue growth guidance revised upward to 2%-3% in constant currency. It also revised its FY21 operating margin guidance revised upward to 23%-24%.

Infosys today declared an interim dividend of 12 per equity share and fixed October 26, 2020 as record date for interim dividend and November 11, 2020 as payment date.

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