Infosys Q4 net profit at Rs 3,597 crore, beats estimates for fourth straight quarter
Indian IT major Infosys has reported its fourth-quarter result today. The company’s net profit during the quarter jumped 3.8% quarter-on-quarter to Rs 3,597. The giant’s profit beat estimates for the fourth straight quarter.
Infosys Q4 revenues stood at Rs 16,550 crore against estimates of Rs 16,460 crore.
The country’s second-largest IT company’s consolidated profit went up by 9.4% to Rs 13,491 crore from previous fiscal, while revenue saw a jump of 17% to Rs 62,441 crore.
The company expects revenue to growth at 11.5-13.5 in FY17, better than estimates. Bengaluru-based software major also announced dividend of Rs 14.25/share.
Infosys promoted veterans and top executives Mohit Joshi, Ravi Kumar S and Sandeep Dadlani to the rank of presidents of the company effective immediately.
Commenting on his company’s performance during CEO Vishal Sikka said, “I am proud of our company’s achievements in my first fiscal year as CEO of Infosys. At the same time, I am humbled by the task that is still in front of us. We started the year just two quarters into a strategy to completely reimagine the notion of services and to transform Infosys. Over the course of this year, we saw this strategy, of bringing automation and innovation to our clients, on a foundation of learning and education, start to show results in the organic growth of our client relationships, in our win rates in large deals, and in the types of projects we are seeing in strategic areas where we never participated before. I am proud of what our teams have achieved this quarter and in the year.”
Prior to this quarter, a resurgent Infosys had posted its strongest set of numbers in the June, September and January quarters, raising investor hopes of an imminent turnaround of fortunes and a return to its former status of bellwether of India’s IT industry under Sikka.
The company saw a decline in employee attrition rate (annualized consolidated) to 17.3% during the fourth quarter from 18.1% in the previous quarter.
Prior to this quarter, a resurgent Infosys had posted its strongest set of numbers in the June, September and January quarters, raising investor hopes of an imminent turnaround of fortunes and a return to its former status of bellwether of India’s IT industry under Sikka.
Industry lobby Nasscom has also raised concerns about slower growth in the sector and pegged software export revenues to grow 10-12% in FY17, down from 12-14% in FY16.
Read full article: TOI
