Infosys Q1 profit up 1.4% at Rs3,483 cr

Infosys Ltd, India's second-largest software services exporter, has reported a consolidated net profit of Rs3,483 crore ($540 million) for fiscal first quarter ended 30 June 2017, a 1.4 per cent increase year-on-year and a 3.3 per cent decline sequentially.

The Bengaluru-headquartered company has posted a consolidated net profit of Rs3,436 crore in the same quarter last year.

Revenues for the quarter grew 1.7 per cent to Rs17,078 crore in the June quarter from Rs16,782 crore in the year-ago quarter, the company said in a BSE filing.

However, on a sequential basis, revenues were down 0.2 per cent in rupee terms.

Infosys saw its operating profit for the quarter rising 1.6 per cent to Rs4,111 crore year-on-year and declining by 2.4 per cent sequentially.

The company has maintained its revenue growth forecast for 2017-18 to be in the range of 6.5-8.5 per cent in constant currency and 7.1-9.1 per cent in US dollar terms. Operating margin guidance has been retained at 23-25 per cent, the release stated.

''Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts - revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results,'' Infosys MD and CEO Vishal Sikka said.

He added that he is encouraged by the ''uptick in revenue per employee for six quarters in a row'', and the strong momentum in Infosys' new high growth services and software.

Operating cash flow was Rs4,151 crore, compared to Rs3,625 crore in Q4 17.

Liquid assets, including cash and cash equivalents and investments were Rs39,335

crore as of 30 June 2017 compared to Rs38,773 crore as of 31 March 2017.

''We successfully navigated yet another quarter of significant currency volatility through our hedging,'' Infosys CFO M D Ranganath said.

TCS said its total headcount stood at 1.98 lakh at the end of June.

The company also added eight clients in its $100-million category. The company's gross client additions stood at 59 in the June quarter.

The company has appointed Inderpreet Sawhney as group general counsel and chief compliance officer effective 3 July.

Net employee reduction was 1,811 in June quarter. June quarter annualised standalone employee attrition stood at 16.9 per cent versus 15.8 per cent a year ago. June quarter annualised consolidated employee attrition stood at 21.0 per cent versus 21.0 per cent year ago.

The company has approved the annual compensation of Inderpreet Sawhney. Inderpreet Sawhney's annual cash compensation at $0.90 million. Sandeep Dadlani, President, has resigned from the company effective 14 July

Infosys said that it has approved the revised compensation structure of CFO, M D Ranganath. It has asked Ranganath to operate from the US.