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Infosys raises annual sales forecast on resilient IT demand

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Published Sun, Jul 24, 2022 · 09:35 PM
    • Infosys has reported a 3.1 per cent increase in net profit to 53.6 billion rupees (S$931.3 million) for the first quarter to June, despite expenses such as wage costs.
    • Infosys has reported a 3.1 per cent increase in net profit to 53.6 billion rupees (S$931.3 million) for the first quarter to June, despite expenses such as wage costs. FILE PHOTO: BT

    INFOSYS raised its annual sales forecast on upbeat demand for its digital services, alleviating concerns that a slowing global economy will stifle technology spending.

    Revenue will grow 14-16 per cent in the fiscal year till March 2023, India’s No 2 software services exporter said in a statement on Sunday (Jul 24). That compares with 13-15 per cent it projected in April. Analysts predict growth of 17 per cent, the average of estimates compiled by Bloomberg.

    Infosys reported a 3.1 per cent increase in net profit to 53.6 billion rupees (S$931.3 million) for the first quarter to June, despite expenses such as wage costs. Analysts estimated 56.7 billion rupees. BLOOMBERG

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