Leading IT major, Infosys has said that it has reported a 3.3 per cent drop in net profit at Rs 3,483 crore for the first quarter ended June 30, 2017. The IT major had reported Rs 3,603 crore profit during the previous quarter of last year. Revenue for the quarter dropped 0.2 per cent to Rs 17,078 crore compared with Rs 17,120 crore in the corresponding quarter of last year.
The company continued to maintain its constant currency revenue growth guidance of 6.5 to 8.5 per cent. Achieving the guidance band requires CQGR of 2.1 to 2.9 per cent over Q1-Q2FY18, The IT firm further said that the net sales of the company rose 3.2 per cent sequentially to USD 2,651 million in dollar terms. Revenue growth in constant currency terms came in at 2.7 per cent for the quarter. Commenting on the development, Infosys CEO Vishal Sikka said, “Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts– revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results.
I am encouraged by the uptick in revenue per employee for six quarters in a row, and the strong momentum in our new high growth services and software, as we accelerate our focus on innovation-led growth.” Meanwhile, shares of the company were trading at Rs 32.70 apiece, up 4.98 per cent from the previous close at 09:40 hours on BSE.