Infosys Q1 results: Net profit jumps 22.70% YoY, revenue guidance revised upward
Infosys revised its revenue guidance for FY22 to 14%-16% and retained its margin guidance at 22%-24%.
IT major Infosys on Wednesday reported 22.70% year-on-year growth in consolidated net profit at Rs 5,195 crore for the quarter ended June 30. It had posted a profit of Rs 4233 crore in the same period last year. On the other hand, the figure increased by 2.30% on a quarter-on-quarter basis. Consolidated revenue of the company increased by 17.90% YoY and 6% QoQ to Rs 27,896 crore. The operating profit of Infosys advanced by 23.10% YoY to Rs 6603 crore during the quarter under review.
The company revised its revenue guidance for FY22 to 14%-16% and retained its margin guidance at 22%-24%.
“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. I am proud of our employees, who as ‘One Infosys’ demonstrate resilience and commitment in delivering for our clients. This gives us confidence to increase our revenue growth guidance to 14%-16%”, said Salil Parekh, CEO and MD, Infosys.
“As Infosys completes forty remarkable years, its continuing success and global impact are a testament to the vision of the founders and all the leaders who have shaped the company,” he added.
The company announced its results post market hours. Earlier in the day, shares of the company closed 2.07% higher at Rs 1576.90. On the other hand, the benchmark BSE Sensex settled 134.32 points higher at 52,904.
Pravin Rao, chief operating officer, Infosys said, “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.”
Commenting on share buyback, Infosys said that the company has started the program through the open market route from June 25, 2021 and till date, it has bought back 9.8 million shares worth Rs 1,542 crore or 16.8% of the total authorisation of Rs 9,200 crore at an average price of around Rs 1,569 per share.