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Infosys reports 16.8% YoY rise in consolidated profit for Q3FY21

Infosys reports 16.8% YoY rise in consolidated profit for Q3FY21
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Infosys reports 16.8% YoY rise in consolidated profit for Q3FY21

Highlights

Infosys on Wednesday reported a 16.8 per cent, year-on-year (YoY), rise in consolidated net profit at Rs 5,215 crore, for the third quarter of this fiscal (Q3FY21)

Infosys on Wednesday reported a 16.8 per cent, year-on-year (YoY), rise in consolidated net profit at Rs 5,215 crore, for the third quarter of this fiscal (Q3FY21). The company has reported a profit of Rs 4,466 crore in the same quarter of the last financial year (Q3FY20).

The IT major's, Gross revenue for the quarter rose 12.3 per cent, year-on-year, to Rs 25,927 crore. It was up 5.5 per cent on a sequential basis. In constant currency terms, revenue growth was 6.6 per cent.

The company also raised revenue guidance band to 4.5-5 per cent, and earnings margin to 24-24.5 per cent, on the back of continued strong performance.

"The Infosys team has delivered another quarter of excellent results. Execution of client relevant strategy focused on digital transformation continues to drive superior growth, well ahead of the industry. The scale of new client partnerships with leading global companies such as Vanguard, Daimler and Rolls-Royce demonstrate the depth of digital and cloud capabilities of Infosys. The commitment and skills of our employees to support and drive the digital journey of clients are matters of great pride for me", said Salil Parekh, CEO and MD. He added, "With the intense focus on client needs and the comprehensive foundation built on differentiated capabilities, I remain confident about the future."

Infosys said it has signed large deals worth $7.13 billion. Digital CC growth stood at 31.3#% YoY and the operating margin grew by 25.4 per cent, which is an expansion of 350 basis points (bps). The company's EPS (in Rs term) increased by 16.5 per cent YoY. At the same time, digital revenues crossed 50 per cent of the total revenue during the quarter, resulting in year-on-year growth of 31.3 per cent in constant currency.

In addition, the company's board has approved a definitive agreement to purchase assets and onboard employees of Carter Digital, one of Australia's leading and award-winning experience design agencies. The board of the company at its meeting also approved certain stock incentive grants on recommendations of Nomination and Remuneration Committee. Details of the approved incentive grants:

Grant of annual Restricted Stock Units (RSUs) having a value of Rs 3.25 crore to Salil Parekh, Chief Executive Officer and Managing Director, in accordance with the terms of his appointment as approved by the shareholders. The RSUs are issued under the 2015 Stock Incentive Compensation Plan ("the 2015 Plan"). The grant date for these RSUs is February 1, 2021. The RSUs would vest over a period of three years and the exercise price of RSUs will be equal to the par value of the shares. Value of each RSU will be the closing trading price of the share on National Stock Exchange as of the grant date.

Grant of annual Restricted Stock Units (RSUs) having a value of Rs 1.75 crore to one KMP, in accordance with the terms of his appointment. The RSUs are issued under the 2015 Plan. The grant date for these RSUs is February 1, 2021. The RSUs would vest over a period of four years and the exercise price of RSUs will be equal to the par value of the shares. Value of each RSU will be the closing trading price of the share on National Stock Exchange as of the grant date.

Grant of 99,750 RSUs to eligible employees under the 2015 Plan. The grant date for these RSUs is February 1, 2021. The RSUs would vest over a period of two to four years and the exercise price of RSUs will be equal to the par value of the shares.

Besides, the IT major Wipro has also reported 20.8 per cent, year-on-year, growth in its consolidated net profit at Rs 2,967 crore for the third quarter of this fiscal. The Bengaluru-based company's consolidated revenue rose 1.3 per cent to Rs 15,670 crore in the same quarter.

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