Infosys Q1 profit falls 6.8%, raises FY20 constant currency revenue guidance to 8.5-10%

Software services provider Infosys’ June quarter profit fell 6.8 percent sequentially but raised its full-year constant currency revenue guidance to 8.5-10 percent.

Profit for the quarter ended June 2019 stood at Rs 3,802 crore, down from Rs 4,078 crore in March quarter.

Revenue in rupee terms grew by 1.2 percent quarter-on-quarter to Rs 21,803 crore, the company said in its BSE filing.

Dollar revenue showed a 2.3 percent sequential growth at $3,131 million and constant currency revenue growth came in line with street estimates at 2.8 percent.

“We had a strong start to FY20 with constant currency growth accelerating to 12.4 percent on YoY basis and digital revenue growth of 41.9 percent. This was achieved through our consistent client focus and investments which have strengthened our client relationships,” Salil Parekh, CEO and MD said.

Consequently, Infosys increased its FY20 revenue growth guidance range to 8.5-10 percent in constant currency, from 7.5-9.5 percent earlier and maintained operating margin guidance range of 21-23 percent.

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