Infosys delivers in Q1, raises growth guidance for the year

NEW DELHI: Infosys made a strong start to the fiscal year, with its first-quarter numbers beating the Street’s estimates. The IT company also raised its guidance for the year. For the quarter ended June 30, 2019, net profit was ₹3,802 crore while revenues increased to ₹21,803 crore, a growth of 14% year-on-year and 1.2% quarter-on-quarter. Operating margin however declined to 20.5% in June quarter, from 21.5% sequentially, with management attributing the fall to wage hikes and visa costs. Infosys also reported highest-ever large deal wins with total total contract value of at $ 2.7 billion.

“We had a strong start to FY20 with constant currency growth accelerating to 12.4% on year over year basis and digital revenue growth of 41.9%.