Infosys records annual revenue growth of nearly 21% for quarter ended December

• Large deal wins accelerated worth $2.53 billion in quarter-ended December boosted its confidence.

• Consolidated net profit rose to $786.06 million

Infosys reported its earnings for the quarter ended December with a 20.9% annual growth in revenue to $4,250 million.

The Indian IT firm reported a 12% rise in December-quarter profit, as the demand for its software services from global businesses increased.

The company’s consolidated net profit climbed to $786.06 million, from $704.57 million a year earlier. 

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"Despite the cost escalations driven primarily by supply-side challenges, we delivered another quarter of healthy margins, with improved cost optimization, continued operating leverage and a stable pricing environment," said Nilanjan Roy, Chief Financial Officer.

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Infosys is one of India’s largest, software services companies, engaged in consulting, technology, outsourcing and next-generation services. The company, along with its subsidiaries, provides business information technology services.

Future outlook

Revenue from operations at the software services firm rose to $49.75 million. Infosys expects 19.5%-20% revenue growth for the financial year to end-March 2022, compared with a previous 16.5%-17.5% prediction, while retaining its operating margin guidance.

"We had a strong set of large deals and the pricing environment remains stable. The amount clients want to spend on technology is going up," Chief Executive Salil Parekh told a virtual news briefing.

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Picture Credits: People Matters