India’s second-biggest software services exporter Infosys Ltd reported a 1.4 per cent increase in first-quarter profit on Friday, reported Reuters. Assisted by key client wins, it also managed to slightly beat street estimates. The company also said it added eight clients in its $100 million category.
On Friday morning, Infosys posted a consolidated net profit of Rs 3483 crore for the three months ending June 30, compared to Rs 3436 crore in the same period last year. Consolidated revenue from operations rose about 1.8 per cent to Rs 17,078 crore. Infosys maintains 2017-18 revenue growth guidance at 6.5 to 8.5 per cent in constant currency, 7.1 to 9.1 per cent in dollar terms.
“Our relentless focus on strong cash generation led to a healthy operating cash flow. Further, our continued emphasis on operational efficiencies enabled us to mitigate the impact of margin headwinds during the quarter,” Infosys CFO M D Ranganath was quoted as saying by NDTV. Reuters reported that analysts had estimated a consolidated net profit of Rs 3439 crore for the first quarter.
While net employee reduction stood at 1,811, gross client additions went up to 59 in June quarter. Q1 also saw annualized standalone employee attrition at 16.9 per cent versus 15.8 per cent year ago and consolidated employee attrition at 21.0 per cent versus 21.0 per cent year ago. Infosys also announced the appointment of Inderpreet Sawhney as group general counsel and chief compliance officer effective July 3.