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Infosys beats net profit estimates for the fourth quarter in a row

India Blooms News Service | 15 Apr 2016, 06:04 pm
Bengaluru/Mumbai, Apr 15 (IBNS) Beating its estimates for the fourth quarter in a row, Indian IT major, Infosys posted 3.8 per cent increase in net profit in its latest quarter earnings reported on Friday.
Dr. Vishal Sikka, CEO said, "“I am proud of our company’s achievements in my first fiscal year as CEO of Infosys. At the same time, I am humbled by the task that is still in front of us. We started the year just two quarters into a strategy to completely re-imagine the notion of services and to transform Infosys. Over the course of this year, we saw this strategy, of bringing automation and innovation to our clients, on a foundation of learning and education, start to show results in the organic growth of our client relationships, in our win rates in large deals, and in the types of projects we are seeing in strategic areas where we never participated before. I am proud of what our teams have this quarter and in the year."  
 
For the quarter ended Mar 31, 2016 (fourth quarter, Q4), Infosys posted revenue of  Rs16,550 crore, which was up 4.1 percent from the preceding quarter and up 23.4 per cent from the same quarter a year ago.
 
Revenue for the full year (ending Mar 31, 2016), was Rs 62,441 crore, up 17.1 per cent from the previous year (ending Mar 31, 2015).
 
In dollar terms, revenues for Q4  stood at $2,446 million; up 13.3% from the year-ago quarter in reported terms and 15.0% in constant currency terms.
 
The company posted operating profit of 4,220 crore for Q4 -- up 6.6 per cent from the previous quarter and up 22.4 per cent from the year-ago quarter -- while that for the full year was Rs 15,620 crore, up 12.9% from the previous year.
 
Q4 net profit increased 3.8 per cent from the previous quarter and 16.2 per cent over the year-ago quarter to 3,597 crore  while net profit for the full year was Rs 13,491 crore up 9.4 per cent from the year ago.
 
In dollar terms, net profit for Q4 was $533 million, up 1.7% from the preceding quarter and up 7.0 per cent from the year-ago quarter. 
 
Earnings per share (EPS) for Q4 stood at Rs 15.74, up 3.8 per cent from the preceding quarter and up 16.2 per cent from the year-ago quarter. 
 
For the the full year, EPS was Rs 59.03, up 9.4 per cent from the previous year.
 
The company's liquid assets including cash and cash equivalents, available-for-sale financial assets and government bonds were Rs 34,468 crore as on March 31, 2016 compared to Rs 31,526 crore as on December 31, 2015 and Rs 32,585 crore as on March 31, 2015.
 
The company's Board of Directors recommended a final dividend of Rs 14.25 per share for fiscal 2016.
 
U B Pravin Rao, COO said,  “Employee attrition reduced further in Q4, and is reflective of increased engagement with our people all through the year, and our steps to make Infosys an exciting place for the world’s best talent. We continue to re-imagine our internal processes to increase organizational agility. The momentum of large deal wins continued this quarter and bookings were strong.”
 
The company's annualized attrition at group level declined to 17.3 per cent in Q4 from 18.1 per cent in Q3.
  
CFO, M.D. Ranganath said, “Our growth trajectory improved in FY 16 and we navigated the external business environment well. We will continue to focus on leveraging operational efficiency levers for consistent profitable growth. During the quarter, cash generation was strong. We managed a volatile currency environment effectively.” 
 
The company's outlook for the fiscal year ending Mar 31, 2017 (under IFRS) includes expected revenue growth of 11.5 per cent to 13.5 per cent in constant currency and expected growth of 12.7 per cent to 14.7 per cent in Indian rupee terms (based on the exchange rate of 1 USD=INR 66.26 as of Mar 21, 2016)

Infosys beats net profit estimates for the fourth quarter in a row

India Blooms News Service
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