Vishal Sikka, CEO and MD, Infosys said in a statement that he is happy with the company’s first quarter results announced on Tuesday. Infosys on Tuesday reported 2.1 per cent decline in net profit on a sequential basis at Rs 3,030 crore for the first quarter ended June 30, 2015. Revenues for the quarter grew by 7 per cent to Rs 14,354 crore.
However, on a year-on-year basis, the net profit went up 5 per cent as it witnessed good orders from US and Europe. On Y-o-Y basis, revenues were up 12.4 per cent.
“I am very pleased with our performance in the first quarter. Our efforts in redesigning our clients’ experience and our widespread adoption of innovation, both in grassroots and breakthroughs, are starting to bear fruit in large deal wins and in the growth of large clients,” Vishal Sikka, CEO and MD, Infosys said in a statement.
Further, he said, “While we are still early in our journey to become the leading next-generation services company, this gives us good momentum for the rest of the year.”
Vishal Sikka, brought in about a year ago to chart a new strategy for Infosys has made bets on automation and other high-margin services such as artificial intelligence and digital technology to regain ground lost to rivals including leader Tata Consultancy Services Ltd.
The volume growth in the first quarter was 5.4 per cent and the company signed six large deals with TCV of $688 million. It added 79 new clients and its utilisation (excluding trainees) expanded 160 basis points to 80.2%. Quarterly annualised attrition for Infosys Limited at 14.2 per cent compared to 23.4 per cent in Q1FY15.
This quarter, the company signed a multi-year agreement with Deutsche Bank encompassing bespoke development, application maintenance services, digital and mobility services, package implementation, and testing services.
Infosys stock was trading 9.67 per cent higher at Rs 1,098.75 per share on BSE.
For Updates Check Company News; follow us on Facebook and Twitter