Infosys net profit rises 4.7% in Q2, misses Street estimates
Bengaluru: Infosys, India’s second-largest IT company, posted a 4.7% increase in September quarter net profit to ₹6,506 crore, slightly below market estimates, from the year earlier.
Some deal ramp-ups and an uptick in the key vertical of financial services lifted profit and revenue, which rose 5.1% from the year earlier and 4.2% from the preceding quarter, to ₹40,986 crore.
This also led the Bengaluru-based firm to marginally revise upward its full-year revenue guidance to 3.75-4.50% in constant currency terms from 3-4% in July on the back of a market environment that has improved slightly.
This follows a prolonged slowdown in demand due to macroeconomic uncertainty and geopolitical tensions. Net profit rose 2.2% sequentially.
The guidance change is the sixth consecutive quarterly revision and seventh in eight quarters. Infosys is seeing a “lot of traction in financial services, which has given us good growth last quarter and this quarter,” said chief executive officer Salil Parekh. “We see that continuing.”
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