Riding on the better than estimate results, India's second-largest software company has announced salary hikes and promotions across all levels. The salary correction and promotions will be effective on 1st January 2021. Moreover, the company also announced a 100% variable pay along with a special incentive for the second quarter of the running fiscal. As of September 2020, the company has more than 2.40 lakh employees. The announcement was made during the company's declaration of quarterly results.
'Employees critical to our growth'
Chief Operating Officer (COO) Pravin Rao of Infosys said, "The strength and resilience of Infosys was fully visible in Q2 with operating metrics witnessing a healthy increase, broad-based growth, highest ever large deal TCV at $ 3.15 billion and attrition reducing to single digits."
He further went on to add, "Employees have been a critical part of our success. As a recognition of their stellar performance, we are giving 100% variable pay along with a special incentive for Q2. Additionally, we are rolling out salary increases and promotions across all levels effective Jan 1st."
Infosys reports 20.6% profit in Q2 FY2021
Software behemoth today reported a 20.6% rise in September-quarter profit, majorly driven by a jump in demand for its new-age digital services such as cloud, data, and analytics during the pandemic.
As per a report in financial daily Mint, Bengaluru headquartered Infosys's consolidated net profit climbed to Rs. 4,845 crore vis-à-vis Rs.4,019 crore the last year. Its Revenue also jumped to Rs. 24,570 crore as against Rs. 22,629 crore in the Q2 with an operating margin of 25.4%. Digital consultancy played a major role in the company's revenue with a contribution of 47.3%.
Company's CEO and MD Salil Parekh. said, "Our second-quarter performance is a clear reflection of our ability to help clients on their digital transformation journeys. Our digital and cloud capabilities combined with intense client relevance are helping us achieve differentiated results in the market as is visible in 2.2% year on year overall revenue growth and 25.4% growth from digital offerings, which now are at 47.3% of revenues."