Infy raises FY21 revenue outlook

Q3 net profit rises 17% to `5,200 cr

New Delhi, Jan. 13: Infosys on Wednesday posted a 16.6 per cent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter, and increased its revenue growth guidance for FY21 to 4.5-5 per cent on the back of large project wins and strong deal pipeline.

The Bengaluru-based company, whose large deal total contract value rose to an all-time high of $7.13 billion in the quarter under review, had registered a net profit (after minority interest) of Rs 4,457 crore in the year-ago period.

Infosys' revenue grew 12.3 per cent to Rs 25,927 crore in the quarter ended December 2020 from Rs 23,092 crore in the year-ago period.

Buoyed by the strong performance, Infosys increased its FY21 revenue growth forecast to 4.5-5 per cent in constant currency terms from its previous guidance of 2-3 per cent growth.

"We have had an exceptionally strong quarter across multiple dimensions...We achieved the highest large deals win in our history with the deal value of $7.1 billion. This includes the largest deal in our history and what we believe is the largest deal in the history of the Indian IT services industry," Infosys CEO and MD Salil Parekh told reporters in a virtual conference.

He added that overall large deal value for the nine-month period of this financial year was at more than $12 billion, and the net new large deal value for the same period was over $8 billion which positioned the company "very strongly" for the quarters ahead.

"Looking ahead, we continue to see momentum in our business, strong market share gain and increased speed of digital transformation for our clients...for next year, we remain extremely confident, we clearly see that we will have double-digit growth in the next financial year,” he added.