Infosys results for December quarter

Infosys has raised its annual revenue forecast, fuelled by strong deal momentum from global companies strengthening their digital presence to better manage pandemic-led disruptions.
Infosys for technology outsourcingLarge deal wins in the December quarter were at $2.53 billion, a near 18 percent rise from the second, the company said.

“We had a strong set of large deals and the pricing environment remains stable … The amount clients want to spend on technology is going up,” Infosys Chief Executive Officer Salil Parekh said in a virtual news conference.

Infosys, India’s second-largest IT services firm by revenue, expects revenue growth of 19.5 percent-20 percent for the financial year to March, compared with the 16.5 percent-17.5 percent growth predicted earlier, but retained the operating margin guidance.

The large deal wins and the CEO’s statement on large digital transformation pipeline gives good amount of confidence that the Indian (IT) companies are on a strong footing, said Saurabh Jain, assistant vice president at SMC Securities.

India’s $194-billion IT services industry has been a big beneficiary from the pandemic spurring companies to bolster investments in services ranging from cloud-computing, digital payment infrastructure to cybersecurity.

Infosys said net profit climbed to 58.09 billion Indian rupees ($786.06 million) in the third quarter.

Revenue rose to 318.67 billion rupees, with the banking, financial services and insurance unit, which accounts for over a third of the total, posting a 16.85 percent growth.

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