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India's Infosys beats profit estimates on large deal wins
[BENGALURU] India's Infosys on Wednesday reported a stronger-than-expected quarterly profit, as the software services firm managed to secure large client deals during the Covid-19 pandemic.
Infosys signed US$1.74 billion worth of large deals in the three months to June 30, it said in a statement. That was higher than the US$1.65 billion in the preceding quarter, but lower than a year earlier.
The April-June period was expected to be dismal for India's software services firms due to softer client spending as the coronavirus outbreak halted business activity, but companies have so far reported mixed results.
Bengaluru-based Infosys' larger rival, Tata Consultancy Services, missed quarterly profit estimates, while Wipro reported stronger-than-expected earnings.
Infosys' net profit climbed to 42.33 billion rupees (S$782.08 million) in the June quarter, from 37.98 billion rupees a year earlier. Analysts on average had expected a profit of 39.87 billion rupees, according to Refinitiv data.
Revenue rose 8.5 per cent to 236.65 billion rupees.