Infosys has finally announced the result for Q2 Fy18. The company has surpassed all the expectations which had predicted a marginal growth or decline as compared to the previous figures. The announcement was made as a part of the BSE filing by the company earlier today.
According to the announcement, Infosys, the second largest exporter of software from the country, made a profit of ₹3,726 crores in the quarter ending September 30th, 2017. The figure is 7% more than the profit it had announced for the period a year ago. Last year in the same period, it had announced a profit of ₹3,606 Crores. Talking of the sequential period, the company has registered an increase of 3.4% in profit compared to the quarter ended in June this year.
In dollar terms, the sequential increase in its profit was registered at 2.9%, whereas the same grew by 5.5% QoQ on constant currency terms. This was the first quarterly announcement of Infosys figures after Nandan Nilekani was elevated to be the chairman of the board post-resignation of Vishal Sikka.
One of the major announcements included cutting down of revenue growth guidance for the FY18. In constant currency terms, the company expects to grow at 5.5-6.5% and in dollar terms, it expects to grow at 6.5%-7.5%. The expectations and calculations are based on the exchange rates of September 30th, 2017.
The best performing geography for the company remained Europe, which registered a growth rate of 6.6%. The same was followed by India at 5.2%, Rest of the World at 2.9% and North America at 2%.
Talking at the time of announcing these figures, UB Pravin Rao, Interim CEO at Infosys stated that the company remains committed to ensure growth with the new services portfolio. He also added that the top management of the company is committed to address any upcoming issues and one of the examples was at the time of resignation of Vishal Sikka. The management responded quickly to ensure there was no impact on the performance of the company. He also added that the focus remains on increasing operational efficiency and the same has enabled the company to deliver stable margins throughout the quarter.
On question of the new CEO, he said that the needed initiatives have been taken and the work is on the right track.