Infosys Says Artificial Intelligence Profits Key To Future Profits

In terms of volume 6.85 lakh Infosys shares were traded on BSE and over one crore shares changed hands at NSE during the day

In terms of volume 6.85 lakh Infosys shares were traded on BSE and over one crore shares changed hands at NSE during the day

Infosys on Friday reported 1.3 per cent growth in consolidated net profit at Rs 3,483 crore for Q1 of 2017.

For the June quarter, Infosys's dollar revenue came in at $2.65 billion, growing 6% from previous year.

Q1 net income was up 5.8 percent YoY to $541 million from $511 million years ago and flat (0.4 percent) sequentially from $543 million quarter ago in dollar terms.

India's second-biggest software services exporter recorded Rs 17,078 crore in consolidated revenue for the reporting quarter compared with Rs 17,535 crore for the corresponding quarter of last fiscal.

Infosys shares soared amid a sluggish market, rising as much as 3.1% to Rs 1,006.65 in the early morning trade, but soon pared some of the gains.

On a sequential basis, Infosys' net profit declined 3.3 per cent while revenues were down 0.2 per cent in rupee terms.

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For the 2017-18 financial year, Infosys said it expects to grow revenues at 7.1-9.1%, up from the 6.1-8.1% range it had forecast in April.

The company said it lost one client in its $100 million category during the quarter from the previous quarter, but total active clients rose by a net of 2.

"We are revealing new growth with services that we (have been) focusing on for the past couple of years including - AI (artificial intelligence) and cloud computing", said Infosys chief executive Vishal Sikka, announcing a small rise in quarterly profits. The total of active clients at the end of June 2017 increased to 1,164 from 1,162 in March 2017 and 1,126 in June 2016.

Says FY 18 revenue guidance retained at 6.5%-8.5% in constant currency; FY 18 operating margin guidance retained at 23%-25%.

Infosys, in the filing, said, "The company has asked, for business reasons, MD Ranganath the CFO to operate from the U.S.". "The widespread adoption of our grassroots innovation and education initiatives continue to fuel our transformation, and I am proud to see Infoscions embrace and drive Infosys toward becoming a nextgeneration services company".

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