Infosys logs 22.7 pc jump in Q1, fastest in decade; to hire 35,000 college grads globally

Bengaluru (Karnataka) [India], July 14 : Infosys, India's second-largest Information Technology company, on Wednesday, reported a 22.7 per cent year-on-year (YoY) jump in quarterly profit of Rs 5,195 crore as compared to Rs 4,233 crore in Q1 of 2020.
The company had posted a Rs 5,078 crore net profit in the March 2021 quarter.
As per the company's release, Infosys' consolidated revenue from operations increased 17.9 per cent to Rs 27,896 crore in Q1.
Infosys' constant currency revenue also saw a growth of 4.8 per cent quarter-on-quarter (QoQ) and 16.9 per cent on a yearly basis. The company's operating margin for the quarter stood at 23.7 per cent, with Free Cash Flows growing by 15.2 per cent year on year.
Infosys also informed that its large deal flows remained strong with TCV of USD 2.6 billion in Q1.
The company also informed that in order to meet increased demand for digital talent, it will hire 35,000 college graduates globally in the fiscal year 2022.
Commenting on the company's performance, Salil Parekh, CEO and MD, Infosys said, "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 per cent YoY and 4.8 per cent QoQ in constant currency. I am proud of our employees, who as 'One Infosys' demonstrate resilience and commitment in delivering for our clients. This gives us the confidence to increase our revenue growth guidance to 14 per cent-16 per cent."
"As Infosys completes 40 remarkable years, its continuing success and global impact are a testament to the vision of the founders and all the leaders who have shaped the company," he added.
"Employee wellbeing is of paramount importance to us and we have had multiple interventions in this regard including facilitating vaccination for them and their dependents. We rolled out several intense employee engagement initiatives including career acceleration opportunities, compensation reviews and learning & development interventions. Our clients continue to be supportive of the multiple initiatives we have undertaken; they value the delivery commitments we have met even during these extraordinary times", said Pravin Rao, Chief Operating Officer, Infosys.
"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 FY 22 to 35,000 globally", Rao added.
"We remain confident of delivering on the margin guidance, underpinned by our comprehensive cost optimization program, despite increasing cost headwinds arising largely from compensation review, talent acquisition and retention", said Nilanjan Roy, Chief Financial Officer, adding, "Our free cash conversion was strong at 122.3% of net profit and ROE improved to 29.3%".
Infosys further informed that in pursuant to the board recommendation and subsequent to shareholders' approval in the AGM, the company has started share buyback program through open market route from June 25 and till date, which has bought back 9.8 million shares worth Rs 1,542 crore or 16.8 per cent of total authorization of Rs 9,200 crore at an average price of approximately Rs 1,569 per share (compared to maximum Buyback Price of Rs 1,750 per share).