‘Saudi mining growth will strengthen US ties’ leading banker tells Future Minerals Forum 

India’s Infosys lifts revenue forecast as digital transformation fuels IT demand

India’s Infosys Ltd. on Wednesday bumped up its annual revenue forecast and posted a near 12 percent jump in quarterly profit, riding on strong demand for its software services from businesses accelerating their digital transformation due to the pandemic.

The country’s second-largest IT services firm by revenue said it expects revenue growth of 19.5 percent-20 percent on a constant currency basis for the financial year to March, compared with the 16.5 percent-17.5 percent growth predicted in October.

“We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations,” Chief Executive Officer Salil Parekh said in a statement.

India’s $194-billion IT industry has been a big beneficiary from the pandemic spurring global companies to bolster investments in services ranging from cloud-computing, digital payment infrastructure to cyber-security.

Crosstown rival Wipro earlier on Wednesday reported a 30 percent rise in revenue for the December quarter and a near flat net profit, while the country’s largest IT services firm, Tata Consultancy Services, is set to announce results later in the day.

Bengaluru-based Infosys’ consolidated net profit climbed to 58.09 billion Indian rupees ($786.06 million) in the December quarter, from 51.97 billion rupees a year earlier.

Revenue rose to 318.67 billion rupees, with the banking, financial services and insurance unit, which accounts for over a third of the total, posting a 16.85 percent growth in the quarter.


See also  BP hikes debt, keeps dividend as virus hits profits

Leave a Reply