Global IT services and solutions firms Infosys Ltd. (NYSE: INFY) and Wipro Ltd. (NYSE: WIT) announced earnings today.
Infosys Ltd.
Infosys today reported revenue rose 1.5% in constant currency in its fiscal first quarter ended June 30.
| (US$ millions) | Q1 2021 | Q1 2020 | % change | % constant currency |
| Revenue | $3,121 | $3,131 | -0.3% | 1.5% |
| Gross profit | $1,050 | $1,009 | 4.1% | |
| Gross margin percentage | 33.6% | 32.2% | ||
| Net profit | $558 | $546 | 2.2% |
Guidance for the full fiscal year is expected to be flat to up 2% in constant currency. “Our confidence and visibility for the rest of the year is improving driven by our Q1 performance and large deal wins,” said CEO and Managing Director Salil Parekh.
Among the work, Infosys reported it partnered with the state of Rhode Island to launch a contract-tracing solution for Covid-19.
Wipro Ltd.
Revenue rose 1.3% at Wipro in the quarter ended June 30.
“We expanded the margins during the quarter, despite lower revenues, on the back of solid execution of several operational improvements and rupee depreciation,” CFO Jatin Dalal said.
| (Indian rupees millions) | Q1 2021 | Q1 2020 | % change | Q1 2021 (US$ millions) |
| Revenue | 149,131 | 147,161 | 1.3% | $1,974 |
| Gross profit | 45,431 | 42,888 | 5.9% | $601 |
| Gross margin percentage | 30.5% | 29.1% | ||
| Profit for the period | 24,113 | 24,021 | 0.4% | $318 |