Infosys Q1 profit up 21.6%, beats estimates BANGALORE: Infosys, Indias second-largest software services exporter, posted a 21.6% increase in quarterly net profit, beating estimates, as it won new outsourcing contracts from overseas clients. Consolidated net profit for the quarter ended June 30 rose to Rs 28.86 billion ($480.20 million) from Rs 23.74 billion in the same year-ago period, Bangalore-based Infosys said in a statement on Friday. The profit was higher than the Rs 26.72 billion average of analyst estimates, according to Thomson Reuters data. Revenue in the quarter rose 13.3% to Rs 127.70 billion. Infosys has been reeling under a staff exodus and loss of market share to rivals. The staff departures are a major worry for the company, which saw its annualized staff attrition rate touching a record high of 19.5% in the quarter ended June 30 from 18.7% in the previous quarter. Employee attrition rates are worrisome and we are implementing various initiatives to retain good talent, chief operating officer UB Pravin Rao said in a statement to accompany the results on Friday. Infosys, which added 61 customers in the quarter, maintained its revenue growth forecast for the year to March 2015 at 7-9%, as expected. Infosys customers include BT Group, Bank of America and Volkswagen AG. For any queries related to Software Product and Animation please log on to :locustechsoft #locustechsoft
Posted on: Fri, 11 Jul 2014 04:33:15 +0000