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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.



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