Even as the global job and salary markets crashed, Infosys — India’s premier IT company — beat the market blues to report a 14 per cent rise in net profit to INR 4,845 crore for the July-September period compared to the previous quarter. For the same quarter, the company’s revenue increased 3.82 per cent to INR 24,570 crore.
— Infosys (@Infosys) October 14, 2020
The IT major said that its profits went up due to growth in client demand for its digital services during the pandemic.
In contrast, Infosys competitors, TCS and Wipro, saw their profit drop 7.1 per cent and 3.4 per cent respectively.
Infosys declared that it will roll out salary increases and promotions across all levels effective January 1.
Revenue from its financial services segment grew 5.55 per cent to INR 7,871 crore, and that from retail rose 7.67 per cent to INR 3,651 crore, Infosys said.
“Increase in revenue and margin outlook for FY21 is due to the continued trust clients have in us. I am extremely proud of our team for achieving these results in challenging business conditions globally,” said Salil Parekh, CEO and managing director, Infosys.
Infosys reported a quarterly operating margin of 25.4 per cent, up from 21.7 per cent last year, following rivals Tata Consultancy Services that posted a 2.2 per cent rise in its operating margin to 26.2 per cent. Wipro saw a marginal rise to 19.2 per cent for the period.
The software major said its voluntary attrition for IT services declined to 7.8 pre cent, from 18.3 per cent in the year-ago period.