CORRECTED - Infosys reports Q1 profit growth on client wins

Infosys retained the current financial year 2017-18 revenue growth guidance at 6.5%-8.5% in constant currency terms

Infosys retained the current financial year 2017-18 revenue growth guidance at 6.5%-8.5% in constant currency terms

Infosys reported an increase of 1.4 percent in consolidated net profit year-on-year for the first quarter, marginally beating analysts' expectations.

It raised its FY18 dollar revenue growth guidance to 7.1-9.1 percent from 6.1-8.1 percent earlier.

₹Shares of Infosys opened on a positive note on Friday.

Infosys CEO Vishal Sikka gave a glimpse of his company's future plans today in Mysore - he was there to unveil the company's Q1 results.

India's $150-billion IT industry is facing headwinds in its biggest market, the U.S., where clients are holding back spending and the Donald Trump administration is tightening rules on H-1B skilled worker visas, of which Infosys leads in usage among peers.

"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 towards becoming a next-generation services company", he said.

Over the last two years, the company has built new software including an AI platform, and added multiple new services.

However, the mismatch, across the entire IT industry, is at a stage where the new services and software are only just beginning to make a difference to the bottomline.

In a regulatory filing on the BSE, the IT major said consolidated revenue for the quarter under review (Q1) was flat (1.8 percent) YoY at Rs 17,078 crore as against Rs 16,782 crore in the like period year ago and subdued (0.2 per cent) sequentially from Rs 17,120 crore quarter ago in rupee terms. Kotak Institutional Equities expects Infy to post 5.4% QoQ fall in adjusted net profit, and 0.7% drop in quarterly revenues.

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.

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