Infosys net up 5.1% yearly, down 6.8% quarterly

Bengaluru, July 12 (IANS) Global software major Infosys on Friday reported Rs 3,798-crore consolidated net profit for the first quarter (Q1) of fiscal 2019-20, registering 5.1 per cent annual growth from Rs 3.612 crore in the same period a year ago.

Sequentially, however, net profit in Q1 declined 6.8 per cent from Rs 4,078 crore a quarter ago.

In a regulatory filing on the BSE, the city-based IT behemoth said consolidated revenue for the quarter under review (Q1) grew 14 per cent Year-on-Year (YoY) to Rs 21,803 crore from Rs 19,128 crore in the like period a year ago.

Sequentially, however, revenue for Q1 marginally grew 1.2 per cent from Rs 21,539 crore a quarter ago.

Under the International Financial Reporting Standards (IFRS), net income grew YoY 2.2 per cent to $ 546 million from $534 million in the same period a year ago but declined 6.8 per cent sequentially from $580 million a quarter ago.

Similarly, gross income grew 10.6 per cent YoY to $3,131 million in Q1 from $2,811 million in the same period year ago and up 2.3 per cent sequentially from $3,060 million a quarter ago.

Operating profit declined 1.5 per cent annually to Rs 4,470 crore for Q1 from Rs 4,537 crore a year ago and 3.2 per cent sequentially from Rs 4,618 crore a quarter ago.

"Operating margin declined 3.2 per cent annually to 20.5 per cent for Q from 23.7 per cent year ago and was flat (0.9 per cent) from 21.4 per cent a quarter ago," said the outsourcing firm in a statement here.

Under IFRS, operating margin declined 4.2 per cent annually for Q1 to $642 million from $670 million a year ago and 2.3 per cent from 658 million a quarter ago.

Operating margin in dollar terms declined 3.2 per cent YoY to 20.5 per cent from 23.7 per cent and 2.3 per cent a quarter ago.

"Increased annual revenue growth guidance range for the fiscal (2019-20) to 8.5-10 per cent in constant currency./Eom/330 words.