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<ul><li>Infosys second quarter earnings surprised market by reporting earnings closer to the upper end of the guidance.</li><li>The company has also increased its full-year guidance to 9% to 10%.</li><li>The surprise in Infosys' earnings and guidance has been more due to disappointment from TCS a day earlier.</li></ul>Infosys second quarter earnings surprised market by reporting earnings closer to the upper end of the guidance. The company has also increased its full-year guidance to 9% to 10%. The surprise in Infosys' earnings and guidance has been more due to disappointment from TCS a day earlier. Infosys' second-quarter revenue grew 3.3% in constant-currency terms compared to three months earlier. The growth was over 11% compared to the same quarter last year-- making this quarter the fourth straight quarter of double-digit growth. The following are the top comments from the management and other highlights from the earnings press conference: 1. 6 out of 7 segments have shown strong double-digit growth in the second quarter. 2. Voluntary attrition has come down by 18%. 3. Looking to optimise cost and margin has widened by 110 basis points. 4. Looking at ways to increase the price of digital services-- because the skills and the talents are scarce. 5. Reduced consumption has led to softness in IT spending by retail clients. 6. Seen some slowdown in European banks, capital markets. There is nothing new in material terms. 7. The second half of the year is expected to be slower, as it is every year. 8. Digital services now make for 38% of the total business and this segment grew over 38% in constant-currency terms compared to three months ago. 9. Bagged a new deal to improve the user experience for a global confectionery company. 10. Hired 7,457 employees during the quarter. 11. Total impact due to exchange rate was negative 15 basis points due to weaker pound, even as there was benefit from stronger dollar. 12. Most of our work today happens at the clients' premises. Some of it will be moved to our hubs. The innovation centres will be around the hubs where the clients can come. 13. Local hires in US make for 50% of the workforce and the hiring of freshers has helped the cost structure. 14. $2.8bn in large deal wins during the quarter was the highest ever taking the total for the first six months of financial year 2020 to $5.6bn. 15% The current tax rate is marginally below 25% even before the tax cuts were announced by the government. SEE ALSO: <a href="https://www.businessinsider.in/business/news/tcs-q2-earning-report-profit-at-8042-crore/articleshow/71521639.cms" data-type="tilCustomLink" target="_blank">TCS earnings growth gets squeezed by slowing economies across the world</a>

Top comments and highlights from Infosys Q2 earnings press conference

<ul><li><keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>’ share price has hit a fresh 52-week high after posting blockbuster earnings on October 14. </li><li>It raked in deal wins worth $3.15 billion in the last three months, including its largest ever deal with Vanguard.</li><li>The company has also revised its annual revenue guidance to between 2% to 3%.</li></ul><keyword id="620690" type="PERSON" weightage="20" keywordseo="Infosys-share-price">Infosys share price</keyword> hit a fresh 52-week high at ₹1,185 when markets opened this morning. Its share price was up by 4% after India’s second-largest IT company posted its highest-ever deal wins in a quarter of over $3 billion. <div type="image" title="infosys share price (3)" msid="78674041" hostid="261" caption="&amp;lt;p&amp;gt;Infosys share price movement since January&amp;lt;/p&amp;gt;"></div> However, the share price soon dipped sharply due to market weakness and profit booking. This is the second time this week that Infosys has hit a new high for the year. On Monday, its share price rallied to hit ₹1,146.50. Analysts remain optimistic, upgrading their previous outlooks. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage on Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,355 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,350 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,260 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BOB Capital Markets </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 1,210 </td></tr></tbody></table> The coming quarter may be stronger with Infosys increasing its annual revenue guidance to be between 2% to 3% for the current fiscal. According to JM Financial, the company’s deal wins are likely to keep the momentum going over the next six months. “Infosys remains our top pick in the sector,” said the brokerage’s report. <div type="image" title="Infosys revenue growth (1)" msid="78674159" hostid="261" caption="&amp;lt;p&amp;gt;Infosys revenue growth over the last 2 years&amp;lt;/p&amp;gt;"></div> The company quarterly revenue was up by 4% in constant currency (CC) beating most market estimates. Margins also expanded to 25.3%, increasing by a massive 270 basis points. However, accounting for impact on margins due to wage hikes, promotions and hiring as well as currency fluctuations, JM Financial estimates that Infosys may end the year at a lower threshold. “We note that Infosys is likely to end F21 with margins nearly back to FY18 levels after the investment made through FY18-20,” said its report. <div type="image" title="infosys margins q1fy21" msid="78674168" hostid="261" caption="&amp;lt;p&amp;gt;Infosys margins over the last five quarters&amp;lt;/p&amp;gt;"></div> SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-ril-sbi-icici-bank-hdfc-bank-nmdc-jubilant-foodworks-and-others/articleshow/78672560.cms">Top stocks to watch — Infosys, RIL, SBI, ICICI Bank, HDFC Bank, NMDC, Jubilant Foodworks, and others</a> <a href="https://www.businessinsider.in/careers/news/infosys-to-reinstate-wage-hikes-promotions-and-hiring-will-impact-margins-over-the-next-six-months/articleshow/78660576.cms">Infosys to reinstate wage hikes, promotions and hiring — will impact margins over the next six months</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-dips-after-earnings-report-analysts-believe-it-will-take-a-while-to-catch-up-to-tcs-and-hcl-technologies/articleshow/78654023.cms">Wipro’s share price dips by over 6% after earnings — analysts believe it will take a while to catch up to TCS and HCL Technologies</a>

Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion

<ul><li>Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter.</li><li>Also, the IT major’s attrition rate is worse in the industry compared to other Indian peers.</li><li>The company is looking to hire 50,000 employees in FY23 as against 85,000 it hired in FY22.</li></ul>Infosys, India’s second-biggest information technology (IT) company in terms of market capitalisation, continues to be the biggest victim of the talent war with a high number of employees leaving the organisation. Infosys’ attrition worsened more in the January-March quarter reaching at 27.7% from 25.5% in the previous quarter. The IT major’s attrition rate is worse in the industry compared to other Indian peers, even more than TCS’ attrition rate of 17.4% in the same quarter. <div type="image" title="infosys attrition" height="900" width="1200" msid="90826018" hostid="261"></div>However, the management at Infosys said the attrition rate has come down on a quarterly basis as against the LTM (last twelve months) data disclosed. Moreover, it expects the attrition rate to decline gradually as it also kicks off hikes from April 1. “Attrition for the quarter has come down by close to 5% both in percentage and absolute headcount. So we talked that last quarter attrition had actually stabilised… of course the tail effect will continue to climb. Good news is we have seen stability and of course the intervention we are looking at like the April 1 hike plan, we should continue to see some improvement in them,” said Nilanjan Roy, chief financial officer at Infosys. Further, the company is looking to hire more than 50,000 employees in FY23 as against 85,000 it hired in FY22. Infosys has an employee base of 3.14 lakh, half of what TCS has. The company’s net profit for the March quarter rose about 12% to ₹5,686 crore with revenue growth of 22.7% year-on-year at ₹32,276 crore. Infosys has set a revenue growth guidance of 13-15% for FY23. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-green-energy-firm-now-even-bigger-than-hdfc-bajaj-finance-bharti-airtel/articleshow/90819094.cms">Gautam Adani’s renewable energy firm now bigger than HDFC, Bajaj Finance, and Bharti Airtel</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/web-3-0-saas-and-fintech-will-be-big-investment-focus-for-2022/articleshow/90819387.cms">Web 3.0, SaaS and fintech will be big focus areas for 2022 even though early stage investments are expected to slow down</a>

Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down

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Top comments and highlights from Infosys Q2 earnings press conference

Sriram Iyer

Infosys share price hits fresh 52-week high after highest-ever deal wins of over $3 billion

Prabhjote Gill

Infosys is looking to hire 50,000 employees this year while expecting the attrition rate to come down

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