Infosys enhances revenue guidance for fiscal 2020

Infosys reported revenues of $3.243 billion, registering growth of 8.6 percent year-on-year and 1 percent quarter-on-quarter, in the December quarter of 2019.
Infosys for technology outsourcingInfosys said operating profit was $711 million, increase of 5.4 percent y-o-y and 2.2 percent q-o-q. Operating margin was 21.9 percent.

Infosys has clocked digital revenues of $1.318 billion, which represents 40.6 percent of total revenues, showing year-on-year growth of 40.8 percent and sequential growth of 6.8 percent in constant currency.

“Q3 results further underscore that we remain steadfast in our journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next in the digital transformation era,” said Salil Parekh, CEO and MD of Infosys.

Infosys increased FY 20 revenue guidance at 10 percent-10.5 percent in constant currency. The IT services provider also maintained FY 20 operating margin guidance range of 21 percent-23 percent during fiscal 2020.

Meanwhile, Infosys said the Audit Committee that investigated a whistleblower complaint has found no evidence of financial impropriety or executive misconduct.

The whistleblower group alleged that Infosys CEO Salil Parekh and CFO Nilanjan Roy had indulged in unethical practices to generate higher profits and revenues.

Infosys has generated 31.5 percent of its revenue from Financial services, 15.3 percent from Retail, 13.0 percent from Communications, 12.8 percent from Energy, Utilities, Resources & Services, 10.3 percent from Manufacturing, 7.6 percent from Hi Tech and 6.7 percent from Life Sciences.

Infosys has generated 61.3 percent of its total sales from North America, 24.4 percent from Europe, 11.5 percent from Rest of the world and 2.8 percent from India.

Infosys said the total number of employees increased to 2,43,454 in December 2019 from 2,36,486 in September 2019. Infosys increased the number of software professionals to 2,29,658 from 2,22,851. Infosys also increased the number of Sales & Support employees to 13,796 from 13,635.

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