India's second-largest IT services exporter Infosys on Friday reported a net profit of Rs 3,606 crore for the second quarter that ended on September 30 as against profit of Rs 3,398 crore during the corresponding quarter in the previous fiscal.
Infosys shares were trading at Rs 1,040.55 apiece at around 12:22 p.m. on Friday, down 1.09 percent from its previous close on the Bombay Stock Exchange.
In a regulatory filing to the stock exchange, the Bengaluru-based company said its net sales stood at Rs 17, 310 crore as against net sales of Rs 15, 635 crore during the same quarter in the last financial year. The company slashed revenue guidance for the current fiscal to 8-9 percent from 10.5-12 percent given after it declared results for the June quarter, from the earlier 11.5-13.5 per cent.
Here is what the management said after the second quarterly results were declared:
Vishal Sikka, CEO
"We focused on strong execution in Q2 with our core IT services business showing good progress on the strength of our innovation and operational initiatives. While we continue to navigate an uncertain external environment, we remain focused on executing our strategy and increasing momentum of our software plus services model. Considering our performance in the first half of the year and the near-term uncertain business outlook, we are revising our revenue guidance," Sikka said in a statement.
"Longer-term, I believe it's increasingly clear that our industry's future lies in evolving from a cost-based, people-only model, to one in which people are amplified by software and AI, and are freed to innovate in areas that are strategic to our clients' future. And in this all-important transformation, I am glad to see us make continued progress."
U.B. Pravin Rao, COO
"We had well-rounded growth during the quarter in our market segments. Our delivery and support teams executed well on their plans for resource management during the quarter, leading to an uptick in utilisation. I am also pleased that the changes we made to employee engagement, policies and rewarding high performers continue to help retain our high quality workforce."
M.D. Ranganath, CFO
"Our margins expanded during the quarter on the back of further improvement in operational efficiency. Operating cash flows for the quarter were healthy and we effectively navigated a volatile currency environment through prudent hedging."