INDIA 20 April 2020. Infosys today reported a net profit of ₹4,321 crore for the quarter ended March 31, 2020, up 6.1% year on year but as compared to the previous quarter, it dipped 3.1%. Its revenues grew to ₹23,267 crore, a growth of 8.0% year on year and 0.8% quarter on quarter. It reported operating margin of 21.2% during the quarter. Infosys refrained from giving guidance for FY21, citing coronavirus -related uncertainty.
“Considering the business uncertainty emanating from COVID-19, the company is unable to provide guidance on revenues and margins for FY 21 at this stage. The company will provide guidance after visibility improves,” it said.
“I am proud of the Infosys team that has worked exceptionally well to achieve 93% remote working today and ensuring consistent service delivery for our clients in this rapidly changing environment. Our focus on the health of our employees and our commitment to our clients helped us navigate the past few weeks, said Salil Parekh, CEO and MD.
“We had an exceptional year in financial year 2020 with growth of 9.8% and operating margin of 21.3%. While the immediate short-term will be challenging, looking ahead, we can see that there is a strong interest to consolidate with partners with high-quality and agile service delivery and strong financial resilience. I am confident we will emerge from this stronger.”
Infosys also announced a final dividend of ₹9.50 per equity share for the financial year ended March 31, 2020.
India’s biggest IT company TCS, which reported its Q4 earnings last week, saw consolidated revenue for the fourth quarter grow 5.1% to ₹39,946 crore. TCS said that it would not lay off employees and would honour all new job offers, including to around 40,000 new graduates.
Rival Wipro had last week said it would not give a forecast for the current quarter, blaming uncertainties due to the coronavirus outbreak, which saw a wide-ranging national lockdown in India extended this week into May.
