Infosys Q2 Net Profit Up 20.5% at Rs 4,845 Cr, Announces Pay Hike with 100% Variable Pay to Employees

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October 14, 2020

Infosys has acquired US-based product design and development firm, Kaleidoscope Innovation, for $42 million.

The company also said it is giving 100 per cent variable pay along with a special incentive for the second quarter. Additionally, it will also roll out salary increases and promotions across all levels, effective January 1.

PTI New Delhi
Last Updated: October 14, 2020, 5:55 PM IST
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India’s second-largest IT services company Infosys on Wednesday said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, and it has raised revenue forecast to 2-3 per cent for FY21. Infosys had clocked a net profit of Rs 4,019 crore in the same period last fiscal, Infosys said in a regulatory filing.

The Bengaluru-based company’s revenues rose 8.5 per cent to Rs 24,570 crore in the quarter under review, from Rs 22,629 crore in the year-ago period. Infosys has revised its guidance upwards to 2-3 per cent growth in FY21 in constant currency terms.

The company also said it is giving 100 per cent variable pay along with a special incentive for the second quarter. Additionally, it will also roll out salary increases and promotions across all levels, effective January 1, Infosys COO Pravin Rao said.

Earlier, the company had guided to up to 2 per cent growth in constant currency terms for the current fiscal. “Increase in revenue and margin outlook for FY21 is due to the continued trust clients have in us,” Infosys CEO and MD Salil Parekh said.

He added that the company’s digital and cloud capabilities, combined with intense client relevance, are helping it achieve differentiated results in the market, and the same is reflected in the quarterly performance. The company has declared an interim dividend of Rs 12 per equity share.

Infosys CFO Nilanjan Roy said free cash flows grew significantly in H1, driven by its consistent focus on liquidity and cash management. “Consequently, we are increasing our interim dividend per share by 50 per cent to Rs 12,” he added.

Infosys Q2 Net Profit Up 20.5% at Rs 4,845 Cr, Announces Pay Hike with 100% Variable Pay to Employees

The company also said it is giving 100 per cent variable pay along with a special incentive for the second quarter. Additionally, it will also roll out salary increases and promotions across all levels, effective January 1.

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