Business Economy

Infosys records 19.4 pc year-on-year growth

New Delhi [India]: Infosys has recorded a strong performance in second quarter of the financial year 2021-22 with a 19.4 per cent increase in the year-on-year growth and sequential growth accelerating to 6.3 per cent in constant currency.

According to a statement from Infosys, the growth was broad-based across geographies and segments with the largest geography, North America growing at 23 per cent and the largest segment, Financial Services growing at 20.5 per cent, year-on-year in constant currency.
Large deal momentum continued with Total Contract Value (TCV) of USD 2.15 billion in Q2. The operating margin for the quarter was resilient at 23.6 per cent. The Board has announced interim dividend of Rs 15 per share for FY22.

“Our stellar performance and robust growth outlook continue to demonstrate our strategic focus and the strength of our digital offerings. As we witness a strong market opportunity with global enterprises rapidly accelerating their digital journeys, our sustained investments in expanding capabilities, including the differentiated cloud play, Infosys CobaltTM, has uniquely positioned us to continue serving our clients effectively, gain market share and emerge as the preferred cloud and digital transformation partner in the market,” said Salil Parekh, CEO and MD, Infosys.

“Given this continued momentum we have further increased our revenue growth guidance to 16.5 per cent to 17.5 per cent,” he further said.

“In order to harness the full potential of the market opportunity, we are expanding our college graduates hiring program to ~45,000 for the year. Simultaneously, we continue to strengthen employee value proposition including health and wellness measures, reskilling programs, appropriate compensation interventions and enhanced career growth opportunities,” said Pravin Rao, Chief Operating Officer.

He further added, “With over 86 per cent of Infoscions in India having received at least one dose of ‘vaccination’, we are now preparing to embrace the hybrid work model. We have equipped employees with the resources they need to be productive, cyber-secure, stay connected, and maintain a work-life balance. Our talent strategy also factors in expanded hiring pools that include new communities and work locations,” he added.

Nilanjan Roy, the Chief Financial Officer said, “Our operating margins for Q2 were resilient; the impact of enhanced employee value proposition initiatives was offset by strong operating parameters, cost optimization and operating leverage. We will continue to invest in our employees to remain a preferred employer-of-choice and seamlessly fulfil client demand.”

“Cash generation remained robust. We have executed the capital allocation policy with the successful closure of share buyback and step up in interim dividend to Rs 15 per share,” he added. (ANI)

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