Infosys set to hire 35,000 college freshers after marking 'fastest Q1 growth in 10 years'

On Wednesday, July 14, Infosys, the country's second-largest Information Technology company has reported a 22.7% year-on-year (YoY) rise in its Q1 net profit to Rs 5,195 crore as compared to Rs 4,233 crore in the year ago period. In the Jan-March 2021 quarter, the company had reported a Rs 5,078 crore net profit. 

The consolidated revenue increased to Rs 27,896 crore, up from the operations nearly 18% from Rs 23,665 crore YoY and up 6% from Rs 26,311 crore QoQ. The closely-watched dollar revenue rose 4.7% from $3,613 million to $3,782 million on a sequential basis.

A growth of 4.8% quarter-on-quarter (QoQ) and 16.9% on a yearly basis was witnessed in line with the IT company's constant currency revenue. The operating margin for the quarter stood at 23.7%. The company's large deal flows remained strong with a Total Contract Value (TCV) of $2.6 billion in Q1.  

Also, two new clients in the $100 million-plus and 12 new clients in the $10 million categories were added. 

BFSI (Banking, Financial Services, and Insurance) vertically grew 33% while the retail services grew 15%. On a geographical sequence basis, North America grew 61.7%, followed by Europe with 24% and 2.9% in India. 

Salil Parekh, CEO & MD, said, “Driven by the dedication of our employees and the trust of our clients, we grew at the fastest pace in Q1 in a decade, at 16.9% year-on-year and 4.8% quarter-on-quarter in constant currency.. This gives us the confidence to increase our revenue growth guidance to 14%-16%". 

Infosys to hire graduates

According to Chief Operating Officer Pravin Rao, Infosys has planned to hire 35,000 college graduates for FY22 globally.

Pravin Rao informed, “As the demand for digital talent explodes, rising attrition in the industry poses a near-term challenge. We plan to meet this demand by expanding our hiring program of college graduates for FY 22 to 35,000 globally". 

At Infosys, the voluntary IT services rose from 10.9% in the March quarter to 13.9% in the June quarter. 

PM Modi lauds Infosys contribution

In early June, Prime Minister Narendra Modi had hailed the role played by IT giants Infosys, Capgemini (French, and with a massive presence in India), and others in providing their services to the people worldwide amid the COVID pandemic.

(Image credit: PTI)