Infosys reports 11% rise in Q2 profit, sets $1.13 billion share buyback: Report

Reuters | | Posted by Aryan Prakash

Indian software services giant Infosys Ltd reported an 11% jump in second-quarter profit on Thursday, helped by strong demand for its digital services.The country’s second-largest IT services company by revenue also approved a share buyback worth 93 billion Indian rupees ($1.13 billion).Infosys’s consolidated net profit rose to 60.21 billion rupees ($731.19 million) in the three months ended Sept. 30, from 54.21 billion rupees in the year-ago period.Infosys said it now expects revenue growth of 15%-16% for the financial year to March, higher than the 14%-16% increase it forecast in July.The company trimmed its operating margins guidance for the year to 21%-22%, from the forecast of 21%-23% it gave in July.Infosys’s raised forecast is in contrast to its rivals, who have issued cautious outlooks so far due to the challenging macro-environment and fears of an economic meltdown in their major markets of the U.S. and Europe.Earlier this week, larger rival, Tata Consultancy Services Ltd said clients are taking longer to decide on bigger deals, while smaller rival Wipro gave a weak outlook for the current quarter.Infosys’s consolidated net profit rose 11% to 60.21 billion rupees year-over-year in the quarter ended Sept. 30, beating analysts’ average estimate of 57.82 billion rupees, according to Refinitiv data.

Subscribe to our best newsletters

Subscribed to newsletter successfully

Thank you for subscribing to our Daily News Capsule newsletter.