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Infosys reports its June 2016 earnings results

Infosys reports its June 2016 earnings results

India Blooms News Service | 16 Jul 2016, 03:07 am
Bengaluru, Jul 15 (IBNS): India's second largest IT exporter, Infosys reported its results for the first quarter (ending June 30, 2016) on Friday, which showed that the company's quarterly revenue was up 1.4 per cent from the preceding quarter (q-o-q) and 16.9 per cent from the same quarter a year ago (y-o-y) to Rs 16,782 crore but its net profit declined 4.5 per cent q-o-q but was up 13.4 per cent y-o-y to Rs 3,436 crore.

The quarterly revenue was up 1.7 per cent in constant currency terms and up 2.2 per cent q-o-q in USD terms.

The company said it added three clients to $100 million+ category, taking total count to 17.

The company also revised its FY 17 revenue guidance to 10.5%-12.0% in constant currency.

“We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1,” said Dr. Vishal Sikka, CEO. “Despite this, I am very encouraged by our progress in the execution of our strategy. We launched Infosys MANA, our AI based approach to helping clients continuously renovate their business processes and have already delivered on first client successes. We continued to see strong momentum in large deal wins in which we are bringing the best of our Renew-New strategy to every deal; and we continued to see growth in our delivery services due to their renewal on the basis of Zero Distance, Design Thinking and automation. Going forward, we will continue our strong focus on our long-term goals and vision of transforming Infosys where open, intelligent technology amplifies people and frees them to innovate in a culture of learning and collaboration, while bringing operational excellence and cost discipline to every aspect of our business.”

“Our client additions and top client growth was strong during the quarter. Automation continues to be a core lever in the renewal of our traditional service offerings.” said U B Pravin Rao, COO. “We are making impactful internal process changes through our simplification initiatives with a focus on better employee experience and improved productivity.”, he added.

“Our focus on optimizing cost efficiency levers helped us during the quarter and our cash generation was strong” said M.D. Ranganath, CFO. “We navigated a volatile currency environment effectively.”
 

Infosys reports its June 2016 earnings results

India Blooms News Service
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