This is likely driven Infosys’ changing hiring model as it looks to focus more on improving utilisation rate. On a YoY basis, overall headcount reduced by 20,962.
CEO Salil Parekh said they see clients stopping or slowing down transformation programs and discretionary works — particularly in financial services in mortgages, asset management, investment banking and payments and in telecom.
The IT major, which only reports the total contract value (TCV) of its large deals, reported a TCV of $2.3 billion, which is up from last quarter’s $2.1 billion.
On the first quarter results of Infosys Technologies, the CEO of Infosys BPO, Swaminathan D, tells CNBC-TV18 that the company has grown by 16% and that eight new clients have been added.
IT bellwether Infosys declared its results for the first quarter of the financial year 2011-12. The management said, this quarter Europe, in reported currency terms, was weak or flat. “It is not surprising, given the current sentiments in Europe. But at the same time, if you look at core businesses, we see a fair degree of stability.”
In an interview with CNBC-TV18, IT bellwether’s management spoke about the quarter gone by and gave their outlook going forward. The management said the company had achieved upper end of the guidance.
Infosys reported a set of pretty unexciting numbers and has predicted that the coming quarters too will be as unexciting. Just missing expectations with a 15.4% rise in profit in the first quarter (April to June) of fiscal year 2012, Infosys reported PAT at Rs 1,720 crore and revenues at Rs 7,485 crore.
Hitesh Shah, Director of IDFC Securities spoke to CNBC-TV18 about Infosys' first quarterly earnings and whether it was inline with his expectations.
CNBC-TV18’s managing editor Udayan Mukherjee thinks it’s a sideshow today as Infosys is an important stock with significant weightage on the index. It’s the first of the big earnings post HDFC which is coming in for IT.