India’s Infosys raises annual revenue outlook on digital services demand

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BENGALURU, Oct 13 (Businesshala) – Infosys Ltd (INFY.NS) raised its annual revenue outlook on Wednesday, as India’s second-largest IT services firm bets on more contracts from global businesses during the COVID-19 pandemic. Expand your digital offerings.

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The company has forecast revenue growth of between 16.5 per cent to 17.5% in the fiscal year to March 2022, compared to 14% to 16% growth predicted in July. It maintained its margin forecast for FY22 at 24% from 22%.

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India’s $194 billion IT services sector has been a big pandemic winner due to the pandemic-induced surge in demand for services such as cloud computing, digital payments infrastructure and cyber security.

Bengaluru-based Infosys said major deal signings stood at $2.15 billion for the quarter ended September 30, compared to $2.6 billion in the June quarter and $3.15 billion a year ago.

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Its consolidated net profit came in at Rs 54.21 billion ($719.48 million), beating analysts’ average estimate of Rs 52.74 billion, according to data from Refinitiv IBES.

Revenue from operations grew 20.5 per cent to Rs 296.02 billion.

($1 = 75.3460 Indian Rupee)

Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi and Aditya Soni

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