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Infosys on Friday released a basket of first-quarter numbers with earnings that badysts' estimates are lacking, but a sales figure in line with estimates.
Net income for the quarter decreased 2.1% to Rs 3,612 crore against Rs 3,690 crore the previous quarter. Earnings in the previous quarter included a positive impact of Rs 1,432 crore following the conclusion of an advance price agreement with the US Revenue Service
The first quarter business figure increased by 5 , 8% to Rs 19,128 crore at Rs 18,083 crore in the March quarter. Analysts surveyed by Reuters on average expected Infosys to post a turnover of Rs 19,093.4 crore, and a profit of Rs 3,747.6 crore in the June quarter
Infosys said the profit was affected by ongoing negotiations for Panaya, the Israeli software company. for sale in the last quarter. He said "on the revaluation, including the review of progress in negotiations on potential buyer offers for Panaya, the company recorded a reduction in the fair value of Group sales for $ 39 million for Panaya ".
"As a result, earnings for the three months ended June 30, 2018 decreased by $ 39 million, resulting in a decrease in basic earnings per share of $ 0.02 for the three months ended June 30, 2018". indicated the company. In Infosys' largest business, financial services and insurance, grew by 1.5% compared to growth of 1.1% in the previous quarter. The vertical sector accounted for 31.8% of the company's revenues in the first quarter.
The board of directors approved a free share for each share held.
Operating margin decreased from 24.7% to 23.7% in the previous quarter. The decrease was attributed to salary increases that were generated during the quarter and increased investments in several business sectors.
Infosys maintained its annual growth target of 6% to 8% at foreign exchange and "With a sequential growth of our Agile Digital business of 8% at constant exchange rates and our victories at more than one billion, we are seeing good growth in the market, "said Salil Parekh, CEO and MD.
Big business broke the $ 1 billion mark, more than 40% of which came from financial services, according to a statement by India's second-largest IT firm.
Attrition increased from 16.6% to 20.6%. Infosys said that utilization (excluding trainees) was an all-time high of 85.7% in the first quarter.
Earlier this week, its biggest competitor, Tata Consultancy Services, reported a resumption of BFSI's business that remained
Digital business grew 8% sequentially in the first quarter, against growth 3.6% in constant currencies in the March quarter.
The digital business accounted for $ 803 million, or 28.4%
The business turnover of Infosys' digital business amounted to 2, $ 79 billion, or 25.5% of total business turnover last year
Infosys' board of directors appointed Michael Gibbs as an independent director of the society. on July 13, for a period of three years, he said in a statement.
Infosys' head of manufacture, Nitesh Banga, and the division of health care and life sciences, Sangita Singh, had filed their quarterly papers.
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