Infosys adds 59 clients in Q1 against 71 in previous quarter
Infosys added 6 clients in USD 25 million category, 1 client in USD 10 million category and 8 clients in USD 1 million band but the client addition in USD 100 million category reduced to 18 from 19 QoQ.
Sunil Shankar Matkar
IT bellwether Infosys beat analysts' expectations on earnings front and added 59 clients in the quarter ended June 2017.
The addition of clients was lower compared with 71 clients in March quarter and 95 clients in year-ago quarter. The total of active clients at the end of June 2017 increased to 1,164 from 1,162 in March 2017 and 1,126 in June 2016.
The company added 6 clients in USD 25 million category, 1 client in USD 10 million category and 8 clients in USD 1 million band but the client addition in USD 100 million category reduced to 18 from 19 QoQ.
The contribution by top client to total revenue remained at 3.3 percent but the contribution from top 10 clients and 25 clients reduced to 20 percent (from 20.2 percent) and 36 percent (from 36.5 percent) on sequential basis.
Company's profit during the quarter declined 3.3 percent sequentially to Rs 3,483 crore and revenue slipped 0.2 percent to Rs 17,078 crore while dollar revenue growth was 3.2 percent at USD 2,651 million and constant currency revenue growth came in at 2.7 percent.
"Our persistent focus on execution in Q1 is reflected in broad-based performance on multiple fronts revenue growth, resilient margins despite multiple headwinds, healthy cash generation and overall business results," Vishal Sikka, CEO & MD said.
The IT bellwether has maintained its constant currency revenue growth guidance at 6.5-8.5 percent and also retained operating margin guidance at 23-25 percent for the current financial year but raised dollar revenue growth guidance to 7.1-9.1 percent from 6.1-8.1 percent earlier.
In Q1, the EdgeVerve business delivered strong performance with 36 wins (Finacle 24 + Edge 12) and 38 go lives (Finacle 21 + Edge 17) from both the Finacle and Edge suite of solutions across various market regions.Finacle continued to strengthen its position as a platform of choice for digital transformation and enabling new business models for banks, the company said.