Infosys Q1 Results: Infosys profit rises on pandemic-led digital boom; to hire 35,000 college grads globally | India Business News – Times of India

BENGALURU: Indian software services company Infosys Ltd reported a 22.7 per cent jump in quarterly profit on Wednesday, as it won more contracts from global businesses expanding their digital services during the pandemic.
The Bengaluru-based company posted a net profit of Rs 5,195 crore for the first quarter ended June 30, as against a profit of Rs 4,233 crore posted a year earlier.
Its revenue from operations rose 17.9 per cent to Rs 27,896 crore.
Infosys expects revenue growth of 14 per cent to 16 per cent for the financial year 2022, compared with the 12 per cent to 14 per cent growth predicted in April.
Commenting on the company’s performance, chief executive officer (CEO) and managing director (MD) of Infosys said: “Driven by the dedication of our employees and the trust of our clients, we grew at the fastest pace in Q1 in a decade, at 16.9 per cent year-on-year and 4.8 per cent quarter-on-quarter in constant currency. I am proud of our employees, who as ‘One Infosys’ demonstrate resilience and commitment in delivering for our clients.”
India’s second largest IT services firm by revenue also maintained its margin forecast for fiscal 2022 at 22 per cent to 24 per cent.
As demand for digital talent explodes and rising attrition in the industry poses a near-term challenge, Infosys plans to expand its hiring programme by employing about 35,000 college graduates.
Chief operating officer (COO) of Infosys Pravin Rao said: “Our clients continue to be supportive of the multiple initiatives we have undertaken; they value the delivery commitments we have met even during these extraordinary times.”
“As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY22 to 35,000 globally,” he added.
Digital revenues stood at 53.9 per cent of total revenues, a year-on-year constant currency growth of 42.1 per cent, the IT major said.
Shares of Infosys closed 2.07 per cent higher at Rs 1,577 on the BSE, while it finished at Rs 2.1 per cent up at Rs 1,577.4 on the NSE.
(With inputs from agencies)

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