IT giant Infosys stock opened its intraday at a gain of as much as 3 percent, at Rs 1754, up Rs 44.8 a piece from the last day close to Rs 1709.20 as the company posted its Q2 FY22 earnings report with a 12% year-on-year rise in consolidated net profit.
Its consolidated net profit stood at ₹5,421 crore for the September quarter, while it was ₹4,845 crore during the same period last year. Blomberg estimated the firm to report a net profit of ₹5,277.20 crore for this quarter.
Infosys profit increased by 4.3 percent sequentially from 5,195 crore in the previous quarter.
The firm’s consolidated revenue from operations increased 20% to ₹29,602 crore surpassing the Bloomberg estimate of ₹29,385.70 crore. The previous year’s second-quarter revenue from operations stood at ₹24,570 crore.
The company has changed its full-year guidance of FY22 to 16.5%-17.5%, but the margin guidance remains at 22%-24%.
An interim dividend of ₹15 per equity share has been approved by the board.
“Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings. As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market.”, said Salil Parekh, CEO and MD.
“Given this continued momentum we have further increased our revenue growth guidance to 16.5%-17.5%,” he added.
In constant currency terms, the company’s revenues increased 19.4% year over year and 6.3 percent quarter over quarter.
In dollar terms, the IT behemoth brought in $3.9 billion in the third quarter, with digital revenues increasing by 42.4 percent.
Attrition levels surged 20% in Q3 as compared to 13.9% in the previous quarter. To address this, the company wished to expand the college graduates hiring program to 45,000 this year.
“In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to 45,000 for the year, said Pravin Rao, Chief Operating Officer.”