India’s second-largest IT company Infosys Ltd on Wednesday bumped its annual revenue forecast and reported a nearly 12% jump in quarterly profit, driven by strong demand for its software services from businesses accelerating their digital transformation due to the pandemic. rode on
“Infosys posted better-than-expected quarterly earnings, outpacing all Street expectations. The company raised growth guidance for fiscal 2012 and its constant currency (CC) growth also rose to 7% from 6.3%, as against expected 3.5% down the road and net profit growth down the road compared to the same quarter last year. has outperformed our expectations,” said Prashant Tapase, Vice President (Research), Mehta Equities Ltd.
Infosys said that growth during the quarter was broad-based and digital transformation is accelerating across sectors and regions. It has raised its FY22 revenue growth outlook to 19.5-20% as compared to 16.5%-17.5% projected in October.
Meanwhile, the signing of the big deal for the third quarter accelerated with a TCV of $2.53 billion, an increase of about 18% from the previous quarter ended September 2021.
“We expect the stock to respond positively by today’s close 1,876/- and we are overall optimistic on the stock over the medium to long term with the technical target above 2,000 marks in a period of 6-12 months,” Taapsee said.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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