5 key things that Vishal Sikka of Infosys said after disappointing Q1 results
Infosys announced its results for the first quarter ended June 30, 2016 on Friday and said that its consolidated net profit increased by 13.4% as against the same period of last year. Revenues, too, saw a rise of nearly 17%, at Rs 16,782 crore. However, sequentially, revenues grew by just 1.4% and net profit declined to Rs 3,436 crore, a drop of 4.5%.
Here's what Vishal Sikka, CEO, Infosys had to say:
“We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1."
"Despite this, I am very encouraged by our progress in the execution of our strategy."
"We launched Infosys MANA, our AI based approach to helping clients continuously renovate their business processes and have already delivered on first client successes."
"We continued to see strong momentum in large deal wins in which we are bringing the best of our Renew-New strategy to every deal; and we continued to see growth in our delivery services due to their renewal on the basis of Zero Distance, Design Thinking and automation."
"Going forward, we will continue our strong focus on our long-term goals and vision of transforming Infosys where open, intelligent technology amplifies people and frees them to innovate in a culture of learning and collaboration, while bringing operational excellence and cost discipline to every aspect of our business.”