Infosys profit down 4.6%; buys Kallidus for $120m

Tribune News Service                                                              

Bengaluru, April 24

IT services major Infosys today reported a modest 3.5% growth in its net profit at Rs 3,097 crore for the quarter ended March 31. However, on quarter-on-quarter basis, net profit fell 4.6% from $522 million in December quarter. The company’s revenue declined 2.6% from $2.218 billion during the same period.

For the entire 2014-15 fiscal, Infosys' net profit grew 15.8% to Rs 12,329 crore compared to 2013-14 fiscal, while revenue was up 6.4% to Rs 53,319 crore. 

The company also announced that it would acquire digital commerce player Kallidus Inc and its affiliate for $120 million (around Rs 763 crore).

The country's second largest software exporter had recorded a net profit of Rs 2,992 crore in the January-March quarter of 2013-14.

Revenue during the quarter under review rose by 4.2% to Rs 13,411 crore from Rs 12,875 crore in the comparable period in the previous fiscal.

On a quarter-on-quarter basis, profit fell 4.7% from Rs 3,250 crore in October-December period. Revenue declined 2.8% from Rs 13,796 crore. Infosys said it expects revenue growth in the range of 10-12% only for 2015-16 fiscal in constant currency terms. 

"We are expecting 10-12% growth and revenue of $20 billion by 2020. Our average revenue per employee is expected at $80,000 by 2020", Infosys CEO Vishal Sikka said while announcing reporters at Chennai.