Salil Parekh English news | Salil Parekh, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

India's second-largest IT services firm Infosys on Thursday said its consolidated net profit surged by 11.1 per cent year-on-year to Rs 6,021 crore for the second quarter of the current financial year as compared to Rs 5,421 core recorded in the corresponding period of the previous year.The company's revenue from operations jumped by 23.4 per cent to Rs 36,538 crore for the quarter ended September 30, 2022 as compared to Rs 29,602 crore recorded in the corresponding quarter of the previous year.Sequentially, Infosys revenue grew 6 per cent while net profits increased by 12.3 per cent during the quarter under review year-on-year."Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation," Infosys chief executive officer and managing director Salil Parekh said in a statement."While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15-16 per cent for FY 23," Parekh said.As per the regulatory filing by Infosys to the stock exchanges, the company's year-on-year growth was in double digits across all business segments in constant currency terms.Digital comprised 61.8 per cent of overall revenues and grew at 31.2 per cent in constant currency. Operating margin for the quarter increased sequentially by 140 bps to 21.5 per cent. Large deal TCV for the quarter was robust at $2.7 billion, highest in last 7 quarters. FY 23 revenue guidance is revised to 15-16 per cent; operating margin guidance is also revised to 21-22 per cent."Operating margins in Q2 expanded sequentially by 150 bps, helped by our operational rigor. While supply side challenges are gradually abating as reflected in the reducing attrition rates, they continue to exert pressure on our cost structure," said Nilanjan Roy, Chief Financial Officer, Infosys."In line with the capital allocation policy, the Board has announced an interim dividend of Rs 16.50 per share, an increase of 10 per cent over FY 22 interim dividend and an open market share buyback of Rs 9,300 crore," Roy added.Infosys board of directors at its meeting held here on Thursday approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to Rs 9,300 crore (maximum buyback size, excluding buyback tax) at a price not exceeding Rs 1,850 per share (maximum buyback price), subject to shareholders' approval.The board also approved an interim dividend of Rs 16.50 per share vs. FY 22 interim dividend of Rs15. The total amount of the interim dividend will be approximately Rs 6,940 crore.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Salil ParekhFOLLOW

Salil parekh, Latest News

Leading Indian IT services firm Infosys plans to hire 20,000 graduates in the next financial year 2027, as it ... ...

Work-life balance in India has become increasingly difficult, especially for employees working in major tech companies like Wipro, Ola, ... ...

PRNewswire Bengaluru (Karnataka) [India]/ Copenhagen [Denmark], June 26: Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in ... ...

Bengaluru, May 23 Tech major Infosys on Tuesday launched Topaz an AI-first set of services, solutions and ... ...

Brokerage firm Centrum Broking is positive on Infosys and it recommended investors 'add' the Infomation Technology services firm's shares ... ...

Razorpay, India's leading full-stack Payments and Banking Platform for Businesses has been awarded as the Startup of the Year at the 6th The Economic Times' ET Startup Awards 2022. ...

Share price of Infosys surged by around 5 per cent on Friday a day after the company announced buyback plans and posted a better-than-expected 11 per cent jump in its consolidated net profit. ...

India's second-largest IT services firm Infosys on Thursday said its consolidated net profit surged by 11.1 per cent year-on-year to Rs 6,021 crore for the second quarter of the current financial year as compared to Rs 5,421 core recorded in the corr ...