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<ul><li>Infosys has reported 7% on quarter rise in consolidated net profit to ₹5,809 crore in October-December quarter.</li><li>It has added eight new clients in the last three months with an annual revenue potential of $100 million or more.</li><li>However, the IT major continues to struggle with the highest number of employees leaving the organisation with an attrition rate at 25.5%.</li></ul>Technology services giant Infosys saw its revenue grow by 7% on quarter in constant currency terms, that’s the best in the last eight quarters. Subsequently, the Bengaluru-based company increased the guidance for full-year revenue growth to 19.5% to 20% from 16.5% to 17.5%. <div type="image" title="infosys revenue growth" height="900" width="1200" msid="88855633" hostid="261"></div>The IT major has added eight new clients in the last three months with an annual revenue potential of $100 million or more. "We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations”, said Salil Parekh, chief executive officer and managing director at Infosys. Infosys, which is the second largest information technology firm by market capitalisation, reported a 7% on quarter rise in consolidated net profit to ₹5,809 crore in October-December quarter. Revenue for the firm stood at ₹31,867 crore for the quarter. The IT firm continues to struggle with the highest number of employees leaving the organisation as its attrition rate stood at 25.5% with a total headcount of 2.92 lakh employees as of December 31, 2021. Rise in attrition leads to higher employee cost and narrower margins. This has been a problem for all technology companies in India in recent months. For Infosys, the margin shrunk by 190 basis points between October and December 2021 compared to the preceding three months. 100 basis points make one percent. “We continue to prioritize investments in talent acquisition and development and have further increased our global graduate hiring program to over 55,000 for FY22 to support our growth ambitions”, said Nilanjan Roy, chief financial officer at Infosys. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/infosys-saw-its-revenue-grow-by-7-in-q3-fy22/articleshow/88855661.cms">Infosys raises full year guidance after the best quarter in at least eight</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/wipro-guidance-for-dollar-revenue-is-2-to-4-percent/articleshow/88854705.cms">Wipro CEO says dollar revenue will grow 2-4% in the next three months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/wipro-plans-to-hire-30000-freshers-in-2023-as-attrition-rate-increases-to-22/articleshow/88855676.cms">Wipro increases hiring plan to 30,000 as attrition hits a new high</a>

Infosys raises full year guidance after the best revenue growth in at least eight quarters

<ul><li>Any lead that Tata Consultancy Services (TCS) had gained over Infosys has nearly been erased.</li><li>Infosys outperformed TCS in Q2 2020 and it looking to boost the growing revenue from its digital services.</li><li>TCS' digital business, on the other hand, is slowing down.</li></ul>Infosys performed considerably better than Tata Consultancy Services (<a href="https://www.businessinsider.in/business/news/tcs-q2-earning-report-profit-at-8042-crore/articleshow/71521639.cms">TCS</a>) during the second quarter of the current financial year. The Indian MNC has even raised its full-year guidance to 9% to 10%. Valuation premium that TCS had gained over Infosys through the early part of 2019 has been nearly been erased, according to Nirmal Bang Institutional Equities. Infosys expects bottom line growth from its digital sector where it feels it will be able to capture a higher premium from its clients. "Digital pricing is a new area we are looking at — how we price digital service and command a premium from our clients," said CFO of Infosys, Nilanjan Roy, during the earnings call. "Our digital margins are higher than our core business, that's something we already know. I think the way we repurpose our digital talent and looking at the scarcity, we think there's an opportunity of how to price this scarce talent — depending on skills, experience, what sort of clients they work with," he added. TCS' digital business, on the other hand, has slowed down from being on track to cross 40% last quarter to a mere 28% at the end of September 2019. "We downgrade TCS to neutral and strike it off our list of conviction picks following 4% EPS (earnings per share) cut and a weak growth trajectory," according to analysts at HDFC Securities Institutional Research. Here's a comparison of key metrics of the two tech giants in the three months between June and September 2019: <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;"> </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;">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;">TCS </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;">Revenue growth in constant currency terms compared to last year </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;">11.4% </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;">8.4% </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;">Full-year guidance </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;">9-10% </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;">Single digit growth </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;">Deal wins </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;">$2.8 billion </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;">$1.16 billion </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;">Hiring </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;">7,457 </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;">14,097 </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;">Digital services growth </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;">38.4% </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;">27.9% </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;">EBIT Margin </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;">21.7% </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;">24% </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;">Forex impact </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;">(-)15 bps (June-Sep) </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;">(-)260 bps (Apr-Sep) </td></tr></tbody></table>

Here’s how Infosys and TCS earnings performance in Q2 2020 stack up against each other

<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

<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> registered a 13.4 per cent rise in consolidated net profit at Rs 3,436 crore for <a href="http://www.businessinsider.in/searchresult.cms?query=Q1&amp;sortorder=effectivedate">Q1</a> ended June 2016 but missed estimate. 
 
The IT major also slashed its revenue guidance for FY 2017 to 10.5-12 per cent in constant currency terms. 
 In its BSE filing, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> had posted a net profit of Rs 3,028 crore in the year-ago period as per Indian Accounting Standard. 
 
"We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," said <a href="http://www.businessinsider.in/searchresult.cms?query=vishal+sikka&amp;sortorder=effectivedate">Infosys CEO Vishal Sikka</a>. 
 
The consolidated revenue for the quarter was up nearly 17 per cent at Rs 16,782 crore, from Rs 14,354 crore in April-June of 2015. 
 
For the full year 2016-17, Infosys cut its revenue forecast to 10.5-12 per cent in constant currency terms, lower than the previously estimated 11.5-13.5 per cent. 
 
The outlook translates into 11.7-13.2 per cent revenue growth in rupee terms and 10.8-12.3 per cent in dollar terms. 
 
Sikka said Infosys continued to see strong momentum in large deal wins. 
 
The company added 3,006 employees (net basis) from March quarter, taking its headcount to 1.97 lakh employees as on June 30, 2016. The attrition rate was at 21 per cent for the said quarter. 
 
Liquid assets, including cash and cash equivalents, available-for-sale financial assets and government bonds, were Rs 33,212 crore in the quarter under review compared with Rs 34,468 crore as on March 31, 2016.

Infosys posts 13.4% rise in net profit, misses estimates

<ul><li>IT major Wipro’s first quarter net profits grew by 12.6% at ₹23.9 billion as compared to that of the same quarter last year, which was at ₹21.2 billion </li><li>The company’s revenues for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion as compared to last year’s first quarter revenues at ₹139.8 billion. </li><li>However, the operating margins for the IT services segment had a flat growth at 18.4%, growing by a mere 0.8%. </li></ul>IT major Wipro’s first quarter net profits grew by 12.6% to ₹23.9 billion as compared to that of the same quarter last year. This was better than the 11% profit growth clocked by Tata Consultancy Services (TCS) and Infosys’ 5%. Wipro said it expects its IT services revenue will grow, at best, 2% in the following three months ending September, similar to that of Infosys. Infosys had projected a total growth 8.5% to 10% for the full year ending March 2020, which would imply a compounded quarterly growth 1.6% to 1.9%, according to a BOBCAPS research report. TCS to hinted at a double-digit growth for the year. Wipro’s revenue for the first quarter of 2019-20 grew by 5.3% to ₹147.2 billion but the margin in the IT services segment flattened at 18.4%. “We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future,” said Jatin Dalal, Chief Financial Officer of Wipro. New deals All three major IT service providers from India have bagged new clients helping their outlook going forward. “Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets,” said Abidali Z. Neemuchwala, CEO and Executive Director at Wipro. TCS and Infosys too, announced big signings last week along with their quarterly numbers. TCS bagged new deals worth $5.7 billion in the last quarter while Infosys set a new record for itself with new deals worth $2.7 billion. However, the good news for investors is that Wipro plans to continue with its proposed buyback offer of 323 billion shares, which was approved by the board in April, after a green light from market regulator SEBI. The final shareholder approval came in on June 21. Investors may have been worried that the company may rollback the plan after the government decided to impose a 20% tax on share buyback because companies were using share buybacks to give money back to shareholders instead of dividends, which are also taxable in India.

Wipro’s profit grows faster than TCS and Infosys — but it’s share buybacks and new deals keeping hopes up for IT investors

A day after <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> reported 0.4% drop in dollar revenue, founder and executive chairman NR Narayana Murthy sent a note to the company's 1,60,405 employees outlining his desire to take Infosys to "industry leading growth". In a letter sent earlier today, Murthy said the Bangalore-based company has made considerable progress in cutting non-productive costs and revamping its training and assessment methods. 
 
Here's a copy of Murthy's letter to Infosys employees, in its entirety: 
 
Dear Infoscions, 
 
We announced our financial performance for FY'14 on April 15, 2014. We have doubled our growth from the previous year to 11.5% and improved operating margin by 2% between Q1 and 4 of FY'14. I thank all the 160,405 of you for your contribution and continued endeavour. 
 
This performance has given us the confidence to reinvest in our employees and I am so glad we rolled out compensation increments and promotions across the company by March 31, 2014. 
 
As a result of your support, we have made visible progress in increasing our market focus, eliminating non-productive costs, measuring and improving individual productivity, making the supply chain more agile and renewing our training and assessment methods. 
 
From the time I returned to Infosys in June 2013, I have met and got to know many of your extraordinary Infoscions in sales, software delivery and business enabler functions better. I believe we have a great team of people who are full of smart ideas and passion. 
 
My best wishes to every one of you. Lets work together toward achieving industry leading growth and profitability as we head into FY'15. 
 
Warm Regards, 
 
NR Narayana Murthy 
 
Executive Chairman of the Board

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