Infosys Q2 net surges 9.8%

Tribune News Service

Bengaluru, October 12

Infosys today reported a 9.8% rise in September quarter consolidated net profit today but pruned its sales growth forecast for the current fiscal.

The company also announced that its Chief Financial Officer Rajiv Bansal has resigned.

Consolidated net profit in July-September rose to Rs 3,398 crore as compared to Rs 3,096 crore in the year-ago period, it said.

Revenue was up 17.2% to Rs 15,635 crore in the second quarter ending September 30 from Rs 13,342 crore in the year-ago period.

Infosys shares briefly rose to a record-high before reversing course and losing as much as 5%. “(Deal) pipeline looks good. We had total contract value wins of close to $1 billion that is the largest ever... we have had great progress. However, it is still early in our journey, we are making great progress on our ‘new and renew’ strategy. All in all, it is a good and encouraging quarter,” said Infosys CEO and MD Vishal Sikka.

For the full fiscal, Infosys said revenue in dollar terms is likely to grow 6.4% to 8.4%, lower than previous guidance of 7.2 to 9.2%.

During the July-September quarter, Infosys and its subsidiaries added 82 clients.