AIRLINK 57.90 Increased By ▲ 2.86 (5.2%)
BOP 6.24 Decreased By ▼ -0.05 (-0.79%)
CNERGY 4.02 Increased By ▲ 0.07 (1.77%)
DFML 15.73 Increased By ▲ 0.09 (0.58%)
DGKC 68.49 Increased By ▲ 2.49 (3.77%)
FCCL 17.72 Increased By ▲ 0.70 (4.11%)
FFBL 25.69 Increased By ▲ 1.24 (5.07%)
FFL 9.26 Increased By ▲ 0.26 (2.89%)
GGL 9.74 Increased By ▲ 0.30 (3.18%)
HBL 111.74 Increased By ▲ 1.74 (1.58%)
HUBC 114.81 Increased By ▲ 1.46 (1.29%)
HUMNL 6.45 Increased By ▲ 0.10 (1.57%)
KEL 4.30 Increased By ▲ 0.02 (0.47%)
KOSM 3.55 Increased By ▲ 0.43 (13.78%)
MLCF 37.42 Increased By ▲ 1.02 (2.8%)
OGDC 117.20 Increased By ▲ 3.71 (3.27%)
PAEL 22.99 Increased By ▲ 0.99 (4.5%)
PIAA 11.31 Increased By ▲ 0.12 (1.07%)
PIBTL 5.71 Increased By ▲ 0.21 (3.82%)
PPL 105.32 Increased By ▲ 2.63 (2.56%)
PRL 26.45 Increased By ▲ 1.31 (5.21%)
PTC 9.49 Increased By ▲ 0.04 (0.42%)
SEARL 53.34 Increased By ▲ 3.72 (7.5%)
SNGP 64.79 Increased By ▲ 1.94 (3.09%)
SSGC 10.94 Increased By ▲ 0.18 (1.67%)
TELE 7.15 Increased By ▲ 0.18 (2.58%)
TPLP 11.79 Increased By ▲ 0.26 (2.25%)
TRG 72.25 Increased By ▲ 4.65 (6.88%)
UNITY 20.63 Increased By ▲ 0.13 (0.63%)
WTL 1.29 Increased By ▲ 0.07 (5.74%)
BR100 6,286 Increased By 123 (2%)
BR30 21,586 Increased By 604.2 (2.88%)
KSE100 61,559 Increased By 1094.9 (1.81%)
KSE30 20,718 Increased By 420.9 (2.07%)
Business & Finance

India's Infosys raises revenue forecast as demand rises

  • Larger rival Tata Consultancy Services reported higher third-quarter profit last week and forecast strong growth for the year ahead.
  • It expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms, higher than 2% to 3% forecast earlier.
Published January 13, 2021

BENGALURU: India's Infosys Ltd on Wednesday raised its annual revenue growth forecast and reported a higher quarterly profit, helped by large deal wins as demand for its digital services rose during the COVID-19 pandemic.

Larger rival Tata Consultancy Services reported higher third-quarter profit last week and forecast strong growth for the year ahead.

Infosys, the country's second biggest software services firm by market value, said it expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms, higher than 2% to 3% forecast earlier.

The December-quarter is typically weak for India's IT sector, but it strengthened in 2020 as global clients invested more in digital services to support the shift to remote work due to the coronavirus pandemic.

In the quarter, Infosys bagged several deals including a cloud partnership with German automaker Daimler AG and a strategic partnership with British aero-engine maker Rolls-Royce. Total contract value of large deals in the quarter was $7.13 billion.

Consolidated net profit climbed to 51.97 billion rupees ($709.90 million) from 44.57 billion rupees a year earlier.

Revenue from operations rose 12.3% to 259.27 billion rupees.

Analysts on average had expected a profit of 50.50 billion rupees, according to Refinitiv data.

Infosys' smaller rival Wipro on Wednesday reported a consolidated net profit of 29.68 billion rupees, compared with a profit of 24.56 billion rupees a year earlier.

Comments

Comments are closed.