India’s second largest software exporter,Infosys Q2 net profit up 6%, revenue 10%

Mumbai, Oct 14: Infosys, India’s second largest software exporter, announced the second quarter results today. The company has posted a net profit of Rs 3606 crore for the quarter ended September 30, 2016 as compared to Rs 3398 crore for the quarter ended September 30, 2015.

Infosys consolidated net profit rises 6.1% to Rs 3,606 crore; revenue up 10% to Rs 18,070 crore for September 2016 quarter.

Total Income has increased from Rs 16428 crore for the quarter ended September 30, 2015 to Rs 18070 crore for the quarter ended September 30, 2016. Volume growth was maintained at 4.0 per cent during the quarter.

The Board of Directors declared an interim dividend of Rs 11 per share. The record date for interim dividend is October 24, 2016 and the payment will be made on October 26, 2016.

Dr Vishal Sikka, CEO said, “We focused on strong execution in Q2 with our core IT services business showing good progress on the strength of our innovation and operational initiatives. While we continue to navigate an uncertain external environment, we remain focused on executing our strategy and increasing momentum of our software plus services model. Considering our performance in the first half of the year and the near-term uncertain business outlook, we are revising our revenue guidance.”

The Indian IT services sector as a whole is projected to see modest margins due to pricing pressure, project ramp-downs and cancellations due to uncertainty, mainly with the banking and financial services customers. The full impact of the fallout of Britain’s decision to exit the European Union is still unravelling.