Infosys to boost wage growth Promotion at all levels, Q2 Net Profit increases by 20.5% to Rs. 4845 cr
On Wednesday, Country’s 2nd biggest IT services firm Infosys report a 20.5% increase in its consolidate net profit in the 2nd quarter end 30th September.
Company earn a net profit of Rs. 4845 cr. in the period under consideration,
Compare to a profit of Rs. 4019 cr. in the same period last year.
In terms of quarterly growth, Infosys report a 14.45% increase in its net profit from Rs. 4233 cr. post in the last quarter.
IT chief revise his annual revenue growth forecast to between 2% and 3% in constant currency, up from 2% earlier than expect flat.
Infosys also said that it will implement salary hike, promotion at all levels from 1st January.
The company sign major deals worth $ 3.15 billion in the quarter under review.
Reflecting a y-o-y increase of 25.4% in constant currency.
Commenting on the results, Infosys CEO and Managing Director Salil Parekh said,
‘Our 2nd quarter performance is a clear reflection of our ability to help customers on their digital transformation journey.’
Further, he added, ‘Our digital & cloud capabilities combine with deep customer relevance are helping us achieve differentiate results in the market,
which is 2.2% of total revenue growth and 25.4% lower than digital offerings. It is 47.3% of revenue.
Bengaluru based company also said that it is offering 100% variable salary along with special incentives for junior employees.
The company had 240208 employees at the end of the September 2020 quarter.
The company’s revenue increase 8.5% to Rs. 24570 in Q2 as compare to Rs. 22629 cr. in the same quarter last year.
Nilanjan Roy, Chief Financial Officer of Infosys, said that free cash flow has increase significantly in H1,
Driven by a continue focus on liquidity & cash management.
‘As a result, we are increasing our interim dividend by 50% to Rs. 12 per share,’ he said.
Infosys shares were down 1.89% to close at Rs. 1136.10 on the BSE.
Whereas, on the NSE it down by 1.71% to close at Rs. 1138.