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Infosys Avoids FY21 Guidance as COVID-19 Uncertainty

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Just like peer Wipro Ltd, software major Infosys Ltd on Monday refrained from giving earnings guidance for 2020-21 (Apr-Mar), citing business uncertainty due to COVID19. “Considering the business uncertainty emanating from COVID-19, the company is unable to provide guidance on revenues and margins for FY21 at this stage.

The company will provide guidance after visibility improves,” it said. The company’s consolidated net profit for the March quarter fell 3% sequentially to 43.21 billion rupees, largely as expected by analysts.

Consolidated revenue for the quarter rose about a percent to 232.67 billion rupees, up just 0.8% on quarter against expectation of a nearly 2% growth. The company’s other income fell nearly 26% sequentially to 6.14 billion rupees.

Total expenditure, including finance cost, was 183.85 billion rupees, compared with 180.7 billion rupees a quarter ago. Finance cost was higher at 450 mln rupees from 420 mln rupees a quarter ago. The company’s operating margin slipped marginally to 21.2% in Jan-Mar from 21.9% a quarter ago, it said.

Tax outgo for the March quarter was 11.61 billion rupees as against 13.83 billion rupees in Oct-Dec. For the March quarter last year, the company had reported a net profit of 40.74 billion rupees and revenue of 215.39 billion rupees.

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