Infosys posts $705m Q1 profit as it seeks to grow global hiring program to 35,000 grads

The multinational's CEO has touted Infosys' three-month result as the fastest growing Q1 in a decade.

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For the first quarter of its financial year, Infosys has reported net profit of ₹5,201 crore, $705 million, an increase over last year's Q1 net profit of ₹4,272 crore.

"Driven by the dedication of our employees and the trust of our clients, we grew at the fastest pace in Q1 in a decade, at 16.9% year-on-year and 4.8% quarter-on-quarter in constant currency," Infosys CEO and MD Salil Parekh said.

"I am proud of our employees, who as 'One Infosys' demonstrate resilience and commitment in delivering for our clients."

Parekh said the first-quarter results give his company the confidence to increase revenue growth guidance to 14%-16%.

Revenue for the three-month period was ₹27,896 crore -- just over $3.78 billion. This was up 21.2% year-on-year.

Revenue from software services was $3.5 billion and that from products and platforms was $278 million. North America accounted for $2.3 billion of the total revenue, India for $111 million. 

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The Indian multinational IT firm used its financial results to announce it would be expanding its hiring program to around 35,000 graduates from around the world.

"As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY22 to ~35,000 globally", Infosys chief operating officer Pravin Rao added.

The company also detailed a handful of wins during the three months ended 30 June 2021. These included Texas-based natural gas compression services company Archrock, the French Tennis Federation, British soft drink producer Britvic, Luxembourg City-based steel manufacturer ArcelorMittal, Norwegian postal service Posten Norge, agriculture machinery firm AGCO, Indian Urban Cooperative Banks, and Malaysian telco Axiata.

For the 2020 financial year, Infosys posted ₹24,622 crore, $3.3 billion, in profit.       

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