IT major Infosys on Friday reported a healthy 21.6 percent growth in consolidated net profit for the first quarter, helped by increase in business from Europe and improved operational efficiency. The city-based firm posted a net profit of Rs 2,886 crore for the quarter ended June 30 this fiscal against a net profit of Rs 2,374 crore in the year-ago period.
Greyhound Research CEO Sanchit Vir Gogia said Infosys is at the cusp of change and nearly flat growth from the previous quarter was expected.
“The last quarter has been luke warm for most players in the industry but this is set to change in the coming quarters. Infosys is all set to undergo a transformation shift in it’s DNA, from a pure-play system integrator to a firm with increasing focus on software assets and intellectual property,” he added.
While much has been said on the high attrition rate at Infosys, the management has been taking corrective measures to solve the problem. It’s important to remember there’s no magic wand to solve such issues and it can take 2-3 quarters before this can be normalised, Gogia added.
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