BENGALURU (Reuters) -Infosys Ltd on Wednesday raised its annual revenue outlook, as India’s second-largest IT services firm bets on more contracts from global businesses expanding their digital offerings during the COVID-19 pandemic.
The company forecast revenue to rise between 16.5% and 17.5% in the financial year to March 2022, compared to its July prediction of 14% to 16% growth. It maintained its margin forecast for fiscal 2022 at 22% to 24%.
India’s $194 billion IT services sector has been a big pandemic winner, thanks to the pandemic-induced surge in demand for services such as cloud computing, digital payment infrastructure and cybersecurity.
Bengaluru-based Infosys said large deal signings stood at $2.15 billion in the quarter ended Sept. 30, compared with $2.6 billion in the June quarter and $3.15 billion a year earlier.
Its consolidated net profit came in at 54.21 billion rupees ($719.48 million), beating the analysts’ average estimate of 52.74 billion rupees, according to Refinitiv IBES data.
Revenue from operations climbed 20.5% to 296.02 billion rupees.
($1 = 75.3460 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru;Editing by Vinay Dwivedi and Aditya Soni)
