Infosys beats profit estimates on large deal wins

BENGALURU (Reuters) - India's Infosys Ltd on Wednesday reported a stronger-than-expected quarterly profit, as the software services firm managed to secure large client deals during the COVID-19 pandemic. Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the $1.65 billion in the preceding quarter, but lower than a year earlier

Reuters July 16, 2020 00:13:20 IST
Infosys beats profit estimates on large deal wins

Infosys beats profit estimates on large deal wins

BENGALURU (Reuters) - India's Infosys Ltd on Wednesday reported a stronger-than-expected quarterly profit, as the software services firm managed to secure large client deals during the COVID-19 pandemic.

Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the $1.65 billion in the preceding quarter, but lower than a year earlier.

The April-June period was expected to be dismal for India's software services firms due to softer client spending as the coronavirus outbreak halted business activity, but companies have so far reported mixed results.

Bengaluru-based Infosys' larger rival, Tata Consultancy Services, missed quarterly profit estimates, while Wipro Ltd reported stronger-than-expected earnings.

Infosys' net profit climbed to 42.33 billion rupees ($563.8 million) in the June quarter, from 37.98 billion rupees a year earlier. Analysts on average had expected a profit of 39.87 billion rupees, according to Refinitiv data.

Revenue rose 8.5% to 236.65 billion rupees.

(Reporting by Sachin Ravikumar; Additional reporting by Derek Francis; Editing by Maju Samuel)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

Rockets hit near U.S. forces and contractors in Iraq in separate attacks -officials
World

Rockets hit near U.S. forces and contractors in Iraq in separate attacks -officials

BAGHDAD (Reuters) - Rockets hit near U.S. forces and contractors in Iraq on Wednesday, including an air base north of Baghdad and a military base at Baghdad International Airport, the Iraqi army and security officials said. The army reported at least three rockets hit Balad air base, where U.S

Italian police probe subcontractor to Burberry over labour exploitation -warrant
World

Italian police probe subcontractor to Burberry over labour exploitation -warrant

By Silvia Ognibene and Silvia Aloisi FLORENCE, Italy (Reuters) -Italian police have arrested a Chinese couple accused of running a leather goods business which exploited immigrant workers it employed to make handbags for a Burberry supplier, according to an arrest warrant seen by Reuters. Tax police in Florence said in a statement that the two Chinese nationals were arrested on Wednesday as part of an investigation into alleged labour exploitation and tax fraud and that restrictive measures had been imposed on two other family members, including a ban on them leaving Italy

U.S. blacklists four Nicaraguans, including Ortega's daughter
World

U.S. blacklists four Nicaraguans, including Ortega's daughter

WASHINGTON (Reuters) - The United States on Wednesday blacklisted four Nicaraguans, including a daughter of President Daniel Ortega, as Washington warned it would continue to use diplomatic and economic tools against members of the leftist government engaged in repression. The U.S. State Department called on Ortega to release detained presidential candidates as well as other civil society and opposition leaders arrested over the past week in what Washington called "an increasing wave of repression." "There are costs for those who are complicit in the regime's repression.