Infosys Reports Q1 Net Profit up 12.4% to Rs 4,272 Crore

The country's second-largest IT services major Infosys on Wednesday reported a 12.4 per cent rise in consolidated net profit to Rs 4,272 crore for June 2020 quarter. The company had posted a net profit (before minority interest) of Rs 3,802 crore in the year-ago period, Infosys said in a BSE filing.

Its revenue grew 8.5 per cent to Rs 23,665 crore in the quarter under review from Rs 21,803 crore in the corresponding period last fiscal, it added. Globally, businesses have been impacted by COVID-19 pandemic. While Indian IT firms had seen some impact in March, this is the first full quarter factoring in the impact of disruption and lockdowns in various parts of the world, including India.

The company expects its FY21 revenue to grow by up to 2 per cent in constant currency terms. In April, Infosys had refrained from providing a revenue outlook for FY21, citing uncertainty amid COVID-19 outbreak.

In the June quarter, Infosys saw its revenues grow 1.5 per cent year-on-year in constant currency terms. "Our confidence and visibility for the rest of the year is improving driven by our Q1 performance and large deal wins," Infosys CEO and MD Salil Parekh said.