Monday, October 12, 2015

Infosys Q2 net profit up at Rs 3,398 cr

Infosys has posted net profit of Rs 3,398 crore in the September ended quarter, an 8.8 per cent growth over the June-ended quarter, ahead of analyst expectations.

Revenues came in at Rs. 15,635 crore, an 8.9 per cent increase when compared to the previous quarter.

Revenue guidance

However, Infosys has lowered its FY16 dollar revenue guidance to 6.4-8.4 per cent from 7.2-9.2 per cent. It, however, maintained rupee guidance at 10-12 per cent in constant currency.

In a news that would cheer investors, Infosys declared an interim dividend of Rs 10 per share.

"I am encouraged by our progress. While results in any one quarter are transitory snapshots of a long journey, we do see our focused execution along our strategy starting to produce encouraging results for our clients, shareholders and Infoscions," said Vishal Sikka, CEO and MD in a statement.

Infosys had reported a net profit of Rs 3,030 crore and revenues of Rs 14,354 crore for the April—June quarter of this financial year.

Net profit up 9.8% y-o-y

Infosys reported 9.8 per cent increase in consolidated net profit against its net profit of Rs 3,096 crore in the year-ago period.

Consolidated revenue was up 17.2 per cent in the said quarter from Rs 13,342 crore in the year-ago period.

Shares of the company dropped 3.07 per cent to Rs 1,132 apiece in early trade on the BSE.

CFO resigns

The company also announced that its CFO Rajiv Bansal has informed his decision to resign. He will be replaced by M D Ranganath.

Ranganath has held several leadership positions during a tenure of nearly 15 years with Infosys.

All-round growth

Infosys COO UB Pravin Rao said the company had strong all-round growth during the quarter, driven by recent initiatives around service differentiation, improvement in client mining and higher focus on winning large deals.

“Increase in revenue productivity was significant, volume growth was robust, client metrics and utilisation improved while attrition remained stable,” he added.

In dollar terms, the net profit grew 0.2 per cent to USD 995 million, while revenues rose 7.2 per cent to USD 4.6 billion in the July—September quarter of 2015—16.

“The impact of significant currency volatility was effectively mitigated by our proactive hedging programme,” Bansal said.

New clients

During the July—September quarter, Infosys and its subsidiaries added 82 clients.

The company added 8,453 employees in the said period from June 2015 quarter, taking its total headcount to 1,87,976 as of September 30, 2015.

The company’s attrition level was at 19.9 per cent in the said quarter as compared to 19.2 per cent in the June quarter and 24.8 per cent in the year—ago period.

The company declared an interim dividend of Rs 10 per equity share.

Liquid assets including cash and cash equivalents, available-for-sale financial assets and government bonds were Rs 32,099 crore as on September 30, 2015.

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