India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter. The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period. The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
Infosys cautioned global IT corporations that replicating its 'global delivery model' of outsourcing from India would pose challenges to them due to difficulties faced in business model re-engineering and result in lower revenues.
Tata Steel and Tata Motors dropped over 10 per cent each. Larsen & Toubro, HCL Technologies, Adani Ports, Tech Mahindra, Infosys, Tata Consultancy Services, Reliance Industries and Mahindra & Mahindra were the other big laggards.
IT major Infosys Technologies, which has presence in 40 countries, will spend Rs 1,250 crore (Rs 12.50 billion) over the next ten years for its new facility at Pocharam, near Hyderabad, being constructed in a 450-acre special economic zone.
At the end of Q1, Infosys had 1,79,523 employees.
Infosys Q1 net stood at Rs 1,527 crore, up 17.28 per cent. The company announced its results on Friday, a day after its co-founder and co-chairman Nandan Nilekani left for government's ID project.
From the Sensex pack, Infosys, Tech Mahindra, Nestle India, Tata Consultancy Services, HCL Technologies, Asian Paints, Axis Bank, Zomato, Hindustan Unilever, and Bharti Airtel were among the laggards. On the other hand, IndusInd Bank, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, HDFC Bank, ITC, Sun Pharma, Bajaj Finserv and UltraTech Cement were the gainers.
French power equipment major Alstom on Tuesday said it was setting up a joint R&D centre with software giant Infosys Technologies in Bangalore with an investment of $39 million over the next three years.
Its consolidated net sales was Rs 3,773 crore (Rs 37.73 billion).
This is the first time that the company has acquired land on its own without seeking the assistance of the state government's land acquisition agency, Karnataka Industrial Area Development Board.
The company, which hired around 27,000 last financial year, will hire more this time on the back of a positive outlook for the overall economy.
India's second largest IT services company Infosys on Thursday made it clear that the company does not support moonlighting and said it has fired employees who were into dual employment over the last 12 months. Infosys, however, did not divulge the exact number of people who were "let go" on account of moonlighting. Last month, Wipro chairman Rishad Premji revealed that some 300 employees were fired as the IT services company had no place for any employee who chose to work directly with rivals while being on Wipro payrolls.
Equity benchmarks Sensex and Nifty ended over 1 per cent higher on Friday, helped by heavy buying in Infosys and banking stocks amid a rally in global stock markets. The 30-share BSE Sensex jumped 684.64 points or 1.20 per cent to settle at 57,919.97. During the day, it rallied 1,199.79 points or 2.09 per cent to 58,435.12.
'A major IT services firm that previously had a demand of 1,000 to 2,000 employees now requires 7,000 to 8,000 -- a sizeable jump from the previous quarter.'
Indian software giant Infosys Technologies Ltd, on Wednesday, said it has posted a net profit of Rs 497
From the 30-share Sensex pack, Mahindra & Mahindra, Infosys, HCL Technologies, Adani Ports, Bajaj Finance, Tech Mahindra, Titan, Tata Consultancy Services, Reliance Industries and Power Grid were among the laggards. On the other hand, State Bank of India was the only gainer.
Infosys Technologies Ltd has announced the following audited results for the quarter and year ended March 31, 2006
Trading sentiment in the equity market will largely be driven by domestic corporate quarterly earnings, any update related to US tariffs and foreign fund movements this week, analysts said. Investors would also focus on world market trends, movement of global oil benchmark Brent crude and the rupee-dollar trend for further cues, experts noted.
IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in June quarter at Rs 5,945 crore, but lowered full year growth outlook to 1-3.5 per cent amid macro uncertainties. The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
From the Sensex pack, Nestle India, HCL Technologies, Tech Mahindra, Bharti Airtel, Titan, Infosys, Asian Paints, NTPC, Bajaj Finserv and Sun Pharmaceuticals were among the laggards. State Bank of India, IndusInd Bank, Zomato, Power Grid, ICICI Bank, Tata Motors, Mahindra & Mahindra, Tata Consultancy Services and Adani Ports were the gainers.
Net profit after tax was Rs 531.92 crore (Rs 5.32 billion) for the first quarter ended June 30, 2005; YoY growth was 36.97 per cent
Among Sensex scrips, Bharti Airtel, Titan, NTPC, State Bank of India, ITC, Tata Steel, Mahindra & Mahindra and Tata Motors were the major laggards. Adani Ports, Infosys, Axis Bank, HCL Technologies, Tech Mahindra and IndusInd Bank were among the gainers.
The IT major has also valued its employees at a little more than Rs 57,000 crore, up 23 per cent from the last year.
Software major Infosys Technologies on Monday announced that it plans to ramp up its operations in Pune with an investment of Rs 250 crore (Rs 2.50 billion).
From the Sensex pack, IndusInd Bank, Infosys, Bajaj Finserv, Mahindra & Mahindra, Zomato, Hindustan Unilever, Power Grid, Axis Bank, UltraTech Cement, Adani Ports, and Tata Consultancy Services were among the laggards. On the other hand, Sun Pharmaceuticals, ICICI Bank, Bharti Airtel, HCL Technologies, Maruti Suzuki India, Larsen & Toubro, Reliance Industries, Kotak Mahindra Bank and Titan were the gainers.
Even after the recent developments at Infosys, both companies are expected to deliver similar revenue growth in FY17
Infosys Q4 net profit at Rs 1,124 crore on a standalone basis.
Joining the debate on working hours, IT services company Capgemini India's chief executive Ashwin Yardi on Tuesday advocated 47.5 hours work per week, and was against sending e-mails to employees on weekends. He was speaking at Nasscom Technology and Leadership Forum (NTLF) in Mumbai.
From the Sensex pack, Zomato, IndusInd Bank, NTPC, Infosys, HCL Technologies, Titan, Power Grid, Hindustan Unilever, Tech Mahindra and ITC were among the gainers. On the other hand, Reliance Industries, Nestle India, Tata Motors, Adani Ports, Tata Steel, UltraTech Cement and Kotak Mahindra Bank were the laggards.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
On a sequential quarter on quarter basis, the net profit has moved up by 2.6 per cent while the topline grew by 3.5 per cent.
