[ad_1]
India’s Infosys Ltd on Sunday reported June-quarter profit that missed estimates, hurt by higher employee expenses, but the IT services company raised its annual revenue outlook, citing a strong demand outlook.
Infosys’ larger IT rival Tata Consultancy Services and also smaller rivals such as HCL Technologies and Wipro have seen their margins erode as they battle a higher sector-wide talent churn and try to retain employees.
Overall expenses surged more than 29%, while operating margins for Infosys for the June quarter came in at 20.1%, down 3.6% year-on-year. The company also retained its operating margin guidance for full year at 21%-23%.
The company was making investments in talent through hiring and competitive compensation revisions, which will impact margins in the immediate term, Nilanjan Roy, chief financial officer, Infosys said in a statement.
However, Bengaluru-based Infosys expects revenue growth of 14%-16% for the financial year to March, slightly up from its view of 13%-15% forecast in April.
“We see good volume growth, good pipeline of large deals and that gives us the confidence for increasing revenue guidance,” chief executive officer Salil Parekh said in a media call.
Infosys saw its large deal signings dropping about 35% to $1.7 billion rupees, while gross addition of clients during the quarter dropped to 106 from 113 a year ago.
But chief executive Parekh said the company was seeing good traction with large clients.
Consolidated net profit for Infosys rose 3.2% 53.60 billion rupees ($12.5 million), but missed analysts estimates of 56.26 billion rupees, according to Refinitiv data.
The April-June quarterly earnings reports have started on a weaker note for Indian IT services companies, with TCS, HCL Technologies and Wipro also missing their first-quarter profit estimates.
Revenue from operations for Infosys jumped 24% to 344.70 billion rupees.
[ad_2]
Source link
Journalist Details
Latest entries
- BusinessJune 4, 2024Shah Virchand Govanji Jewellers: A Legacy of Trust and Exquisite for Generations
- BusinessJune 3, 2024Chote Vyapari Revolutionizes Local Marketing with AI-Powered Solutions
- BusinessJune 3, 2024DigiMall Accelerates Growth with Expanded Product Lines, Doubles Down on Sustainable Sourcing
- Brand StoriesJune 2, 2024Saaniya Jackson Launches Her Luxury Gemstone Brand SJ Diamond World Into eStudio Store With New Surprises Sections
women taking viagra And, I do love my tan
They had already rushed to the vicinity of the training ground does viagra work for everyone Muss HB, Woolf S, Berry D, et al Adjuvant chemotherapy in older and younger women with lymph node positive breast cancer
Empirical studies using qualitative or mixed research methods Studies focusing on breast cancer patients or support groups encompassing breast cancer patients can include other types of patients Studies related to information needs can women take propecia
Step into the battle arena – Show off your skills and win big Lucky Cola
From noob to champion – your journey starts here Lodibet