Information technology (IT) company Infosys posted a 22.7 per cent rise in net profit to Rs 5,195 crore in the first quarter of the fiscal year. With this the company has increased its earnings growth forecast for the full financial year. The Bangalore-based company’s net profit stood at Rs 4,233 crore in the April-June quarter of the previous fiscal.
Infosys said its operating income rose 17.8 per cent to Rs 27,896 crore in the first quarter of 2021-22. 23,665 crore in the same quarter a year ago. The company has raised its earnings estimates from 14-14% to 14-16% from 2021-22. Infosys has a strong business inflow. The total contract value in the first quarter was $ 2.6 billion.
Anil Ambani’s company is involved in reducing debt, a decision of Rs 1,325 crore
Infosys Chief Executive Officer (CEO) and Managing Director Salil Parekh said, “The dedication and confidence of our employees and our customers has driven us to grow rapidly in the first quarter of a decade. On a year-on-year basis, it stood at 16.9 per cent, compared with 4.8 per cent on a quarterly basis. This has boosted our confidence and we have increased our earnings growth forecast to 14-16 per cent. Infosys Chief Operating Officer Praveen Rao said the rising unemployment rate in the industry has become a short-term challenge as demand for digital talent grows. He said, “We are expanding the recruitment program of college graduates to meet this demand. Approximately 35,000 appointments will be made globally in the financial year 2021-22.