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Infosys posts strong renvenue recovery in first firscal quarter

Bangalore

Bangalore: Struggling Indian IT services consultancy Infosys enjoyed a revenue bounce in its first quarter to the end of June 2013.

  • Revenue was $1,991 million — QoQ growth was 2.7%, YoY growth was 13.6%
  • Net profit was $ 418 million — QoQ decline was 5.9%, YoY growth was 0.5%
  • Infosys and its subsidiaries added 66 clients during the quarter
  • Gross addition of 10,138 employees (net addition of 575) for the quarter by Infosys and its subsidiaries
  • 57,263 employees as on June 30, 2013 for Infosys and its subsidiaries

"Despite facing an uncertain macro environment, changing regulatory regime and a volatile currency environment, we have done well in Q1 and are cautiously optimistic about rest of the year," said S. D. Shibulal, CEO and Managing Director.

"We maintained our margins and continued making investments in the business," said Rajiv Bansal, Chief Financial Officer. "We have announced compensation increases for FY 14 effective July which will affect our margins in the future quarters."

Infosys now expects revenues to grow 6% to 10% in its current financial year. Last month the firm summoned its founder, N R Narayana Murthy, from retirement and appointed him Executive Chairman of the Board and Additional Director, replacing K V Kamath.

Business Highlights

Infosys says it continues to see good momentum for its offerings in products and platforms.

  • It announced a partnership with IPsoft to offer autonomics-based managed IT service to clients. IPsoft and Infosys will set up an Autonomics Center of Excellence and an Autonomics Lab at the Infosys Global Education Center in Mysore. The Center of Excellence will focus on developing technical competencies and training of Infosys employees; the Lab will develop proofs of concept and design autonomics solutions for clients.
  • Cloud and Big Data growth areas continue to yield results. The Cloud and Big Data business has executed over 100 engagements. Over the last quarter, Infosys won 15 engagements across Cloud services and Big Data. Infosys was also invited to join the global Open Data Center Alliance (ODCA) as a contributing member to help define and strengthen worldwide industry standards to support enterprise cloud and big data requirements.
  • Finacle banking software sustained its business momentum in the last quarter with 15 new wins and 14 banks going live on Finacle across the Middle East, Africa, Asia and Central America. This includes the first Finacle customer in Mongolia and the first successful core banking implementation in recent times in Turkey.

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