Infosys Q3 net profit up 11.8% at Rs 5,809-cr, ups FY22 revenue growth outlook to 19.5-20%

New Delhi: India’s second-largest software services firm Infosys on Wednesday reported an 11.8 percent rise in consolidated net profit to Rs 5,809 crore for December 2021 quarter. The IT firm also increased its revenue growth guidance for FY22 to 19.5-20 percent. The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys’ revenue grew 22.9 percent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added. Buoyed by the strong performance, Infosys has increased its FY22 revenue growth forecast to 19.5-20 percent in constant currency terms against its guidance of 16.5-17.5 percent given in October 2021. “Our strong performance and market share gains are a testament to the enormous confidence our clients have in us to help them in their digital transformation. “This stems from four years of sustained strategic focus on areas of relevance for our clients in the digital and cloud, continued re-skilling of our people, and deep relationships of trust that our clients have with us,” Infosys CEO and Managing Director Salil Parekh said. This is reflected in an upgrade in Infosys’ revenue guidance to 19.5-20 percent for FY22, he added. “We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations,” Parekh said. Infosys Chief Financial Officer Nilanjan Roy said despite the cost escalations, driven primarily by supply-side challenges, the company delivered another quarter of healthy margins with improved cost optimisation, continued operating leverage and a stable pricing environment. “We continue to prioritise investments in talent acquisition and development and have further increased our global graduate hiring program to over 55,000 for FY22 to support our growth ambitions,” he added. Infosys said it delivered strong December quarter performance with sequential growth of 7 percent in a seasonally weak quarter and year-on-year growth of 21.5 percent in constant currency. “Growth remained broad-based and deal momentum robust, with digital transformation rapidly scaling across verticals and regions. Large deal wins accelerated with TCV (total contract value) of $ 2.53 billion in Q3,” it added. Infosys shares closed 1.16 percent higher at Rs 1,877.60 apiece on BSE on Wednesday. The results were declared after market hours.