Infosys Q2 net up 7% over preceding quarter
India's second largest software company has posted a profit of US$ 570 million for the July-September quarter, a 3.4% growth from year ago quarter
India’s second largest software services provider has posted a profit of Rs 37.26 billion (US$ 570 million) for the July-September quarter, a 7% growth over preceding quarter and 3.4% growth from year ago quarter.
Infosys, however, reduced its FY18 revenue growth guidance to 5.5-6.5%, from 6.5-8.5%. This was the company’s first quarterly earnings after co-founder and former CEO Nandan Nilekani returned to take over its reins.
Though analysts had expected that Infosys would appoint its new CEO, no such announcement was made. “The process of identifying the next CEO and shareholder consultation outreach have been initiated and are progressing well,” the company said.
Former CEO & MD Vishal Sikka had resigned in August and U.B. Pravin Rao was nominated as interim CEO and MD, while Nilekani became non-executive chairman in the same month.
The Bangalore-based firm has added 72 clients (gross basis) during the quarter and active clients were at 1,173 at the end of September 2017, up from 1,164 in June 2017. It has added one client in US$ 100 million category, three in US$ 25 million band, seven in US$ 5 million and 14 clients in US$ 1 million category.
The company also announced that after careful consideration led by the Chairman, the board reaffirmed the previous findings of external investigations that there is no merit to the allegations of wrongdoing.The review covered a range of matters including the acquisition of Israeli firm Panaya and the severance package to the former CFO.