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18 January, 2021 06:40 IST
Infosys Q3 net profit rises 16.6% to Rs 51,970 mn
Source: IRIS | 13 Jan, 2021, 07.32PM
Rating: NAN / 5 stars.
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 Infosys, India's second largest software exporter, on January 13 reported a 16.60% rise in consolidated net profit for the quarter ended Dec. 31, 2020. The company has earned Rs. 51,970 million in the quarter, compared with Rs. 44,570 million for the same quarter last year.

Revenue for the quarter rose 12.3% to Rs 2,59,270 million compared with Rs 2,30,920 million in the corresponding quarter last year.

The IT firm delivered its highest Q3 sequential growth of 5.3% in 8 years in constant currency. On a year on year basis, revenues grew by 6.6%, digital revenues grew by 31.3% and overall digital revenue crossed more than half of total revenues. Large deal TCV was at all- time high of USD 7.13 billion with 73% being net new. Strong and steady operating margin came in at 25.4%.

Revenue and margin guidance band increased to 4.5%-5% and 24.0%-24.5% respectively on the back of continued strong performance. Q3 voluntary attrition for IT services declined to 10% from 15.8% in Q3 20. Robust Q3 net profit came at USD 705 million, year-on-year growth of 12.6%.

Infosys EPS has increased to Rs.12.23 in December 2020 from Rs.10.50 in December 2019.

The Board of Directors declared an interim dividend of Rs 12 per equity share on Oct. 14, 2020 and the same was paid on Nov. 11, 2020. The interim dividend declared in the previous year was Rs 8 a equity share.

"The Infosys team has delivered another quarter of excellent results. Execution of client relevant strategy focused on digital transformation continues to drive superior growth, well ahead of the industry. The scale of new client partnerships with leading global companies such as Vanguard, Daimler and Rolls-Royce demonstrate the depth of digital and cloud capabilities of Infosys. The commitment and skills of our employees to support and drive the digital journey of clients are matters of great pride for me”, said Salil Parekh, CEO and MD. “With the intense focus on client needs and the comprehensive foundation built on differentiated capabilities, I remain confident about the future."

"The resilience of Infosys has been severely tested over the past several quarters and I am delighted with our response marked by strong revenue performance, large deal wins, healthy operating metrics and continued low attrition," said Pravin Rao, COO. "This outstanding performance has been made possible by reimagining Infosys, over the last three years, as a live enterprise with fully transformed digital infrastructure - Infosys Lex for learning, InfyMe for employee engagement, Infosys Meridian for collaboration, and Infosys DevSecOps platform to empower application teams to rapidly build and deploy new features. These highly differentiated systems and processes, redesigned for a digital-first world, are built on a strong foundation of robust connectivity to customer networks and fully secured personal devices. Not only does this give us an advantage in these times of distributed working but also a distinct long-term lead into the future."

"Navigating your next strategy coupled with razor sharp focus on our operating model and efficiencies continues to deliver superior shareholder value creation”, said Nilanjan Roy, CFO. "I am also delighted with the announcement of Infosys ESG vision 2030 simultaneously with our climate neutrality achievement, a journey we had embarked on ten years ago. As a responsible corporate citizen, Infosys is committed to its vision of shaping and sharing solutions that serve the development of businesses and communities."

Shares of the company gained Rs 15.85, or 1.16%, to settle  at  Rs 1,387.70.  The total volume of shares traded  was  993,398 at  the BSE (Wednesday).

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