Market valuation of 8 of top 10 most valued firms erode by over Rs 3 trillion
The combined market valuation of eight of the top 10 most valued firms eroded by Rs 3,09,244.57 crore last week.
IT major Infosys on Wednesday posted a 20.55 per increase in its consolidated net profit for the September quarter, on a year-on-year basis, at Rs 4,845 crore. The company had reported net profit of Rs 4,019 crore in the year-ago period.
The company’s total revenue rose 8.5 per cent to Rs 24,570 crore in the quarter under review as against 22,629 crore earned in the year-ago period.
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It has revised the FY21 revenue growth guidance upward to 2-3 per cent in constant currency.
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The Bengaluru-based firm has also declared an interim dividend of Rs 12 per equity share and fixed October 26, 2020 as record date for interim dividend and November 11, 2020 as the payment date.
“On the demand side, we see good demand and a good pipeline thanks to some of the recent wins that we have had over the past few quarters…and on the margin side, we have had very strong discipline managing the business,” Infosys CEO and MD Salil Parekh said.
Infosys increased proficiency is backed by its large deals worth $3.15 billion in the quarter under review.
Infosys’ result comes a week after larger rival, Tata Consultancy Services had reported a 3 per cent rise in revenue to Rs 40,135 crore for the September quarter. Smaller rival, Wipro”s revenue for the September quarter was nearly flat at Rs 15,114.5 crore, while its IT services revenue was up 3.7 per cent at USD 1,992.4 million in the reported period over the June quarter.
HCL Technologies will announce its results on October 16.
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