INFY

India's Infosys beats profit estimates on large deal wins

Credit: REUTERS/CHRIS HELGREN

Adds June quarter details, background on other IT firms

BENGALURU, July 15 (Reuters) - India's Infosys Ltd INFY.NS on Wednesday reported a stronger-than-expected quarterly profit, as the software services firm managed to secure large client deals during the COVID-19 pandemic.

Infosys signed $1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the $1.65 billion in the preceding quarter, but lower than a year earlier.

The April-June period was expected to be dismal for India's software services firms due to softer client spending as the coronavirus outbreak halted business activity, but companies have so far reported mixed results.

Bengaluru-based Infosys' larger rival, Tata Consultancy Services TCS.NS, missed quarterly profit estimates, while Wipro Ltd WIPR.NS reported stronger-than-expected earnings.

Infosys' net profit climbed to 42.33 billion rupees ($563.8 million) in the June quarter, from 37.98 billion rupees a year earlier. Analysts on average had expected a profit of 39.87 billion rupees, according to Refinitiv data.

Revenue rose 8.5% to 236.65 billion rupees.

($1 = 75.0904 Indian rupees)

(Reporting by Sachin Ravikumar; Additional reporting by Derek Francis; Editing by Maju Samuel)

((derek.francis@thomsonreuters.com; +91-9986311363 and @derekfrancis089 on Twitter;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.