Infosys Q2 profit at Rs. 3726 crore

Infosys announces results for the Quarter ended September 30, 2017.

Net profit was Rs.3,726 crore for the quarter ended September 30, 2017

Revenues were Rs.17,567 crore for the quarter ended September 30, 2017 QoQ growth of 2.9%; YoY growth of 1.5%.

The Company’s outlook (consolidated) for the fiscal year ending March 31, 2018, under IFRS is as follows:
Revenues are expected to grow 5.5%-6.5%% in constant currency*;

Revenues are expected to grow 3.0%-4.0% in INR terms based on the exchange rates as of September 30, 2017.

Nilekani, Chairman of the Board, said. “I believe that all stakeholders acted out of a strong passionfor Infosys, wanting what they believed to be the best for the Company and to see it succeed. In light of my review of these matters, I am fully persuaded, as is the entire Board, that the conclusions of the independentinvestigations are correct. This Board and I are committed to the highest standards of professionalism and will deal promptly and decisively with any governance issues should they ever come up in the future.”

“We continue to focus on executing on the theme of software enabled services and on accelerating growth of our new services portfolio.” said U B Pravin Rao, Interim CEO and Managing Director. “During the quarter, we responded quickly to the management and Board changes through proactive communication with all stakeholders minimizing any negative impact to the business and allowing us to deliver growth across all our large industry units.”

“Our focus on improving operational efficiencies enabled us to deliver stable margins in the quarter and at the same time provide compensation increases and higher variable payouts to our employees.” said M. D.Ranganath, CFO. “We have taken several steps during the quarter towards our capital allocation policy covering `13,000 crore share buyback, coupled with interim dividend of `13 per share for enhancing shareholder returns.”

Business highlights
This quarter we acquired Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class Design Thinking-led approach and experience in executing global programs.

This acquisition will enhance our digital capabilities to drive transformation solutions for clients.

The company further enhanced our global footprint by opening a new office in the Netherlands. We also made good progress on our commitment to hire 10,000 American workers over the next two years, and announced that we will open our North Carolina Technology and Innovation Hub in Raleigh.

Its investments in new services, especially Cloud Ecosystem, Big Data and Analytics, API and Micro services,Data and Mainframe Modernization, Cyber Security and IoT Engineering Services are showing promising results. Over the past quarter, these offerings have seen increased traction with clients, and currently contribute 9.4% of our revenues in Q2 18.