Infosys reports 1.4 % profit growth in Q1

Infosys Hikes 2018 Revenue Forecast Despite Stagnant IT Spending

Infosys Hikes 2018 Revenue Forecast Despite Stagnant IT Spending

India's second-biggest software services exporter recorded Rs 17,078 crore in consolidated revenue for the reporting quarter compared with Rs 17,535 crore for the corresponding quarter of last fiscal.

Bengaluru-headquartered Infosys posted a consolidated net profit of 34.83 billion rupees ($540.38 million) for the three months ending June 30, up 1.4 percent on the same time a year ago. Reuters reported that analysts had estimated a consolidated net profit of Rs 3439 crore for the first quarter.

Infosys maintained its revenue growth forecast for 2017-18 to be in the range of 6.5-8.5 per cent in constant currency and 7.1-9.1 per cent in USA dollar terms. Infosys added eight clients in its $100 million category during the quarter.

India's more than $150 billion software services sector faces headwinds in its biggest market, the United States, as clients hold back technology spending amid concerns about President Donald Trump's review of a visa program for highly-skilled workers.

"We believe that though the numbers are better than expected on reported basis we do not see any major positives on annual basis as there has been no uptick on cc (constant currency) guidance despite better performance which indicates that the pricing gains are not sustainable and profitability would see downtick in coming quarter on lower sequential growth, wage hikes (effective July'17) and INR appreciation", the brokerage said.

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.

Revenues grew 1.7 per cent to Rs 17,078 crore in the June quarter from Rs 16,782 crore in the year-ago period, the company said in a BSE filing. It gave FY'18 operating margin guidance at 23%-25%.

Infosys said liquid assets including cash and cash equivalents and investments rose 1.9 percent to United States dollars 6,091 million in June 2017 from USD 5,979 million in March 2017.

Its total headcount stood at 1.98 lakh at the end of June quarter.

Infosys CEO Vishal Sikka said that company kept persistent focus on execution in broad-based performance In the first quarter.

"CFO MD Ranganath, meanwhile, said the company has been successful in navigating yet another quarter of significant currency volatility through our hedging".

The company has approved the annual compensation of Inderpreet Sawhney.

Infosys shares were trading up 1.45% at Rs990.50 on the Bombay Stock Exchange in early trade on Friday morning.

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