Infosys Declares Earnings

Infosys (NYSE:INFY) shares gained on announcing third-quarter earnings Wednesday. The India-based Infosys, which claims to be a global leader in next-generation digital services and consulting, delivered strong Q3 performance with sequential growth of 7.0% in a seasonally weak quarter and year-on-year growth of 21.5% in constant currency.

Growth remained broad-based and deal momentum robust, with digital transformation rapidly scaling across verticals and regions. Large deal wins accelerated with TCV of $2.53 billion in Q3. Operating margin for the quarter was healthy at 23.5%, with Free Cash Flow conversion at 92.6%. Our talent strategy continued to be a key focus area marked by efforts to further strengthen employee re-training and well-being while
"nurturing our workforce to fulfill client requirements."

CEO Salil Parekh said, "Our strong performance and market share gains are a testament to the enormous confidence our clients have in us to help them in their digital transformation.

"This stems from four years of sustained strategic focus on areas of relevance for our clients in digital and cloud, continued (re-training) of our people, and deep relationships of trust that our clients have with us. This is reflected in an upgrade in our revenue guidance to 19.5%-20.0% for FY22. We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations"

The company shares, which trade in New York under the symbol "INFY" progressed $1.20, or 4.8%, to $26.22 soon Wednesday’s first hour.