Infosys posts 11.4% YoY rise in Q1 net at Rs 4,233 crores

Information technology giant, Infosys, on Wednesday reported an 11.4 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 4,233 crore for the April-June quarter of the financial year 2020-21 (Q1FY21). In the previous year, the company had logged a profit of Rs 3,798 crore. 11.4 per cent year-on-year (YoY) rise in the profit.

Infosys’ revenue for the quarter under review stood at Rs 23,665 crore, up 8.5 per cent YoY. In constant currency (CC) terms, revenue grew 1.5 per cent YoY. The company has signed deals worth $1.74 billion during the quarter.

According to Salil Parekh, CEO and MD, Infosys “Our Q1 results, especially growth, is a clear testimony to the relevance of our service offerings and deep understanding of clients’ business priorities which is resonating with them in these times. It also demonstrates the remarkable dedication of our employees and leadership during this period.” “Our confidence and visibility for the rest of the year is improving driven by our Q1 performance and large deal wins” he added.

The company’s digital revenues are at $1,389 million (44.5 per cent of total revenues), YoY growth of 25.5 per cent in constant currency. Operating profit stood at Rs 5,365 crore, up 20 per cent YoY and 8.9 per cent QoQ. Operating margin came in at 22.7 per cent, an increase of 220 basis points (bps) YoY while basic earnings per share (EPS) was Rs 9.98, growth of 13.1 per cent YoY and decline of 2 per cent QoQ.

Free cash inflow for the quarter under review came in at Rs 5,524 crore, an increase of 63.5 per cent YoY while voluntary attrition for IT services declined to 11.7 per cent from 20.2 per cent in Q120, the company informed.
Analysts had estimated Infosys to report subdued numbers for the period due to disruptions caused by the Covid-19 pandemic.