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India’s Infosys raises annual revenue outlook on digital services demand

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BENGALURU, Oct 13 (Reuters) – Infosys Ltd (INFY.NS) on Wednesday raised its annual revenue outlook, as India’s second-largest IT services agency bets on extra contracts from international companies increasing their digital choices throughout the COVID-19 pandemic.

The firm forecast revenue to rise between 16.5% and 17.5% within the monetary yr to March 2022, in comparison with its July prediction of 14% to 16% development. It maintained its margin forecast for fiscal 2022 at 22% to 24%.

India’s $194 billion IT services sector has been a giant pandemic winner, due to the pandemic-induced surge in demand for services equivalent to cloud computing, digital fee infrastructure and cybersecurity.

Bengaluru-based Infosys stated massive deal signings stood at $2.15 billion within the quarter ended Sept. 30, in contrast with $2.6 billion within the June quarter and $3.15 billion a yr earlier.

Its consolidated internet revenue got here in at 54.21 billion rupees ($719.48 million), beating the analysts’ common estimate of 52.74 billion rupees, in line with Refinitiv IBES knowledge.

Revenue from operations climbed 20.5% to 296.02 billion rupees.

($1 = 75.3460 Indian rupees)

Reporting by Nallur Sethuraman in Bengaluru;
Editing by Vinay Dwivedi and Aditya Soni

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