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.”