Onsite offshore effort mix improved by 190 bps to 26.1%, the lowest ever. Infosys Ltd. has declared 43 dividends since Oct. 25, 2000. The sustained localization investments will ensure that we are able to continue servicing our clients across markets with the combination of local and global talent. Let me share with you some of the highlights for Q2. Wish you all the best for the rest of the year. News. I think these are the two broad questions. And then the other two, Pravin can jump in with the answers. Let me start with the first one. I think you are right. Please go ahead. Infosys Q2 results: Key highlights - The revenues totalled Rs 24,570 crore, marking a growth of 8.6 per cent y-o-y and 3.8 per cent q-o-q. And I’ll cede the floor. Thanks, Ankur. Conagra Brands (NYSE: CAG) reported second-quarter 2021 financial results before the regular market hours on Thursday. What was the growth rate of that year-over-year, is my first question. Yeah. Indeed an exceptional performance all around. Cobalt has 200 industry templates and 14,000 cloud components available to our clients for their cloud choice programs. We increased our operating margin guidance for the full year from 21% to 23%, moving it to 23% to 24% for the full year. FCF for quarter two was a healthy $674 million, which is a growth of 70% year-on-year and 59% in H1 growth of year-on-year. So these are the three large carve-outs within that 100 basis points. One, our size of the digital also is quite larger, it’s pretty close to half our company today. Hi, Kawal. But strategically, we have seen that coming down over a period of time and our intent remains to continue to see that onsite offshore mix changing. Salil, you can add. Automation remains at the heart. Analysts: Yogesh Aggarwal — HSBC Securities — Analyst Dividend: The company declared an interim dividend of Rs 12 per equity share and fixed October 26, 2020, as the record date for interim dividend and November 11, 2020, as the payment date. Any reproduction, redistribution or retransmission is expressly prohibited. And second is the underlying secular trend, which in a delay as we were discussing earlier, the cloud part of digital is on a rate growth in terms of the market, in terms of what clients are doing, in terms of what the large partners of ours are doing. All this will consequently impact H2 margins. So my sense is, many of those will play out over time, but we have seen some early benefit of it, but not a material benefit. This transcript is produced by AlphaStreet, Inc. Okay. Collections remained robust with DSO reducing by two days to 69. Live TV. No one quite knows what the scenarios could be. I mean at this stage, I can’t really quantify how much higher it is, but it’s definitely on the higher side. Now many of our companies work with a certain aspirational margin band. I’ll come back to you before the call end. Part of it will be the mix in offshore because clearly this last few months has also demonstrated what could be done in an offshore environment. This was achieved after rewarding our employees with variable pay at 100% and awarding a one-time special bonus. And obviously, these numbers do vary quarter-on-quarter depending on the nature of deal. So that’s one aspect of it. Infosys announced dividend for (Q2) … Is this due to some planned offshore shift or conservatism on the outlook based on something you are seeing out there and building it? I know you said there was tension on some forces at work that would suggest more onshore work, but the cost advantage of offshore work in the quarter was 73.9. In Q2, we took another large step in our local hiring plans in the U.S. We see a tremendous traction on the cloud side and we feel in quite good in many cases. Part of it, I think has been with the demand environment itself in a good shape specifically for these sorts of activities where the investments have come. In the past 12 months, Infosys Ltd. has declared an equity dividend amounting to Rs 21.50 per share. Infosys also announced an interim dividend of Rs 12 per equity share. This is Pravin here. We will see some of that going up as well. I trust each of you are safe and healthy. Ladies and gentlemen, that was the last question for today. On the first one, Pravin, you want to go ahead? Fantastic. Thanks for the opportunity. The information technology (IT) services major had posted a profit of Rs 4,019 crore in the year-ago period. So that is question number one. Infosys Ltd. has declared 43 dividends since Oct. 25, 2000. Infosys Q2 net profit up 20% at Rs 4,845 crore, revises FY21 revenue guidance - Infosys revenues totalled Rs 24,570 crore, marking a growth of 8.6 per cent y-o-y and 3.8 per cent q-o-q. I mean, these aren’t — specifically which addressable market you are thinking. Well, we are not decoupling large deals number, as you know. Infosys declared interim dividend of ₹8 per share.Q2 revenues of Infosys grew 11.4% year-on-year in constant currency Yeah. This is Salil. Revenues increased by 4% sequentially on constant currency on top of the robust performance in quarter one. And should that — if I mean one assume as a more sustainable band going forward or any thoughts on this could be welcome? But like I said, discount always are not secular. Hopefully, we keep up the execution and that sustains for us. Pravin, on the net new, you want something? We see for the Q3 and Q4 steadily improving quarter-on-quarter activity in different industries. How has that trended so far? Revenues for the quarter grew 4% sequentially in constant currency. Thanks, Sandeep. We have seen some benefits of that temporarily. Moving to business segments. Infosys Q2 result highlights: Infosys has declared interim dividend of Rs 7 per share. Two questions here. It has been the most critical element in serving our clients. ©2009-2020 Stock Infinities & Infinities Group. Hey, thank you very much, and congratulations for the team. Thanks a lot. Thank you. That’s very helpful. Got it. Is that largely operations led? Of course, travel has come down dramatically. The Infosys logo (REUTERS) Infosys Q2 results: Net profit rises 21% to ₹ 4,845 crore, beats estimates 1 min read. And then two quick housekeeping ones. Sensex Today. Quarter two marked 21 consecutive quarter of positive forex income despite significant currency volatility across the globe. 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And just lastly, the pandemic has clearly given you significant margin tailwind. But as long as your overall growth — you are also seeing overall growth, then it’s positive for us. Yogesh, so if you see from a net headcount we only added about 1,000 people, so this was less than 0.5% so there was not much of a headcount change. Did I heard you right when you said that the vendor consolidation is still something that you are in talks with the clients and we haven’t yet seen a new major lead or a relationship conversion so far. Looking ahead, we continue to see strong traction in our business. the onsite pyramid as well. We launched Infosys Cobalt where we brought together all our cloud services, platforms and solutions to support our clients in accelerating their cloud journey and reducing the risk to their cloud programs. Thanks again. We are completely digital from the inside. Sure. What is your understanding on the attrition level going forward? The past three months also saw us announce three acquisitions; GuideVision, focused on ServiceNow; Blue Acorn, focused on Adobe; and Kaleidoscope, focused on medical product design. Number two is, in terms of inorganic, it’s very, very small portion, many of them have just kicked off in terms of the signing implementation. Thank you. Is that the right takeaway? Is it time to think about this strategically? We believe, obviously, it will work for the next several years. Okay. We don’t have a targeted percentage from M&A. Recently the U.S. Department of Labor and Homeland Security issued two separate rules, restricting the H-1B Visa program on both scrutinizing qualifications and mandating significantly higher wages. And question number two. Net sales grew to $2.44 billion from $1.99 billion last year, which shows, © 2020 AlphaStreet Inc. All Rights Reserved, Infographic: Micron (MU) Q1 earnings, revenue top expectations, Conagra Brands meets revenue target in Q2, Constellation Brands (NYSE: STZ) Q3 2021 earnings: Infographic. But in absolute, you’re right, the onsite offshore mix has helped the overall employee cost to come down. The next question is from the line of Moshe Katri from Wedbush Securities. So at least I do expect the pace of modernization of legacy to continue much more aggressively than what we have seen in the past. [Operator Instructions] The first question is from the line of Yogesh Aggarwal from HSBC. The point on the cost discounts versus RPP client discussions, I think as Nilanjan was sharing, the environment in Q2 especially has been quite stable vis-a-vis discount is — what I mean is not anything unusual. And do cost take-out a figure in kind discussions quite a lot? Infosys Q2 Results: IT major's net profit up 20% at Rs 4,845 crore; key highlights. On Friday, Infosys Ltd reported a 2.2 percent drop in consolidated net profit on a year-on-year basis at Rs 4,019 crore for the second quarter of the financial year 2019-20. That’s number one. In the last quarter, we have been rated as leader in 11 services related capabilities across Digital Pentagon areas by industry analysts. Consolidated Ind AS Financial Statements for three and six months ended September 30, 2019 Are you seeing a lot more app modernization, cloud migration? But we still see despite all of that that there will be both volume growth and revenue growth, which is within our pipeline. We delivered operating margin of 25.4%, which is an expansion of 370 basis points year-on-year and 270 basis points sequentially. Jet Fuel Price Hike. So it’s a combination. Results for the Second Quarter ended September 30, 2009. Your implied guidance for the second half, it appears to be slightly at Allstream, the strength we’ve seen so far in the first half, the current momentum, the deals won. Q2 EPS grew by 14.9% in dollar terms and by 20.8% in INR on a year-on-year basis. On the core shrinkage, I mean, today when we look at what’s happening, plan for investing in technology to deal with the pandemic, building resiliencies, fixing supply chain issues and so on. We however remained cautious on this segment given continuing demand and liquidity issues and possibly increased furloughs in the coming months. At the current share price of Rs 1286.25, this results in a dividend yield of 1.67%. The next question is from the line of Ankur Rudra from J.P. Morgan. A stock’s Dividend Uptrend rating is dependent on the company’s price-to-earnings (P/E) ratio to evaluate whether or not a stock’s dividend is likely to trend upward. And for us that is the most critical part is to continue to show stability rather than exactly what you mentioned was a much more volatile. Hi. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. Analysts: Yogesh Aggarwal — HSBC Securities — Analyst I think the main thesis, as you alluded, is really taking cost out of existing estate through automation or other means and funding it — funding programs which gave the growth, differentiation, access and experience for our clients for their work going forward. Commitment of our employees has been incredible. And the timing also will not be clear which one will happen first at what speed, but both of those are element points as we look ahead into the mix. Obviously, the IT spend is not increasing, so they are really funding this digital transformation initiatives by taking cost out from the core through automation and other means. Number of visas currently at use of your employee base in the U.S. either net new or renewals that are — but just current number of employees out of your employee base that are subject to visas in the U.S.? Client metrics remained strong. Understood. Business News. Thank you. We definitely see market share gain going on in that play. We’ve talked about that from 1st of January, we will rollout wage hike across all levels. We added 96 clients during the quarter, while the number of 100 million clients increased by sequentially to reach 30 at the end of quarter two. Get detailed Infosys stock price news and analysis, Dividend, Bonus Issue, Quarterly results information, and more. What is within our — generally speaking, within our large deal wins in the last few quarters plus the pipeline, we have a decent size of mega deals. And then there are other areas, for example, on data, on experience, which are in good traction. Is there a limit on how high you think that percent could go? Hope you are all well and safe. Financial Services saw continued improvement in performance both on year-on-year and sequential basis. It’s been a small number anecdotal. Is that the right way to understand that? And clients also realize that for them to implement and take advantage of technology, their legacy has to be modern, it has to be agile, otherwise it’s very tough to get the benefit and even to drive any innovations in their own organization. Thank you. So it’s not that all this money flows into the bank. So you will always see as your digital share increases, you will always see the core shrinking because we are really talking about the same pie. As we continue to wait through the continuing complexity caused by the pandemic, our rock-solid focus on client relevance and employee well being is helping us navigate this challenge successfully. GST Collections . Free cash flow as a percentage of net profit was 103% for Q2 and 116% for H1. Infosys Limited NSE Symbol:INFY, BSE Security Code:500209 informed the stock exchange, that the Board of Directors of the company have declared an interim 240.00% dividend of Rs.12.00 per equity share of face value of Rs.5.00 for the fiscal year 2020-21. This is despite the bonus and special incentives. My sense is those things will play out over multiple quarters because this is a business which had an inherent stickiness, but there have been a big change in perceptions in this COVID time in work from home, delivery quality impact, stability of company and so on. However, our dedicated focus over the past three years on a local American workforce and our technology and innovation hubs across the U.S. gives us the ability to navigate across this new regulatory terrain. Terms of Services. Please go ahead. Voluntary attrition for IT services declined to 7.8% and significantly lower than our comfort band of 14% to 15%. You did mention that this time we had a one-time offshore shift because of travel restrictions. The second, if Salil, you can take? I’ll answer the second one on the digital and cloud and the first — and the third, Pravin will come back. We won 16 large deals in quarter two, out of it, six deals were in financial services, three deals in retail, two deals each in communication and high-tech and one deal each in energy utility resources services, manufacturing and others. Part of it is that. While there are disruptions for segment, we are seeing opening up of pockets, although the pace of recovery may remain sluggish. Utilization in quarter two improved by 240 bps to 83.6%, mainly on account of improvement in offshore utilization. I’m Sandeep from the Investor Relations team in Bangalore. Today, 99% of our workforce continues to work from home. Our digital portfolio is growing strong at over 25% year-on-year in constant currency, and now constitute 47.3% of overall revenues. Today, I think one person’s conservatism is another person’s regression. We’ve generally modeled it from a view of what we’ve seen as a past view of the business plus the current deals that we have closed and the pipeline that we’re seeing, and we are seeing good traction all around, as we’ve described, and it’s a big change zero to two to two to three. I now hand the conference over to the management for closing comments. And so I think these are the two large ones. For example, Hi-Tech is looking strong, as Pravin mentioned, Life Sciences is good, Financial Services stable, Retail also now starting to see some progress. If we see something dramatic in terms of second wave, in terms of COVID, that is not something that we have pertained into a model. While we strive to produce the best transcripts, it may contain misspellings and other inaccuracies. I think the general answer would be, yes. And second, what kind of a macro environment are you building in your guidance given that the band also is now reduced? Share of new deals was 86%. And there are times when lot of renewals were due for — come due in a particular quarter, but it’s obviously very positive thing. Interestingly, the dividends of both TCS and Infosys … Part of it I think is some of the strategic choices we’ve made and investments we’ve made over the past several years. Quickly I’ll finish the cost optimization part. So I think on the offshore perspective, if I got it right, you were suggesting that the — so far the offshore shift is travel restriction-based, but there could future offshore shifts based on the experience that we have seen so far. View Infosys Ltd Dividend announcement date, Ex-dividend date, Interim dividends, final dividend New Delhi: With the onset of the Q2 FY 2019-20 corporate earning season, India’s IT bellwethers -- TCS and Infosys -- have announced dividends before the mega festivities of Dhanteras and Diwali. Thank you. Check earnings, profits and other financial details of India's second-biggest software firm Infosys Ltd, India's second-biggest software firm, on Wednesday reported a 20.5% rise to Rs 4,845 cr in September-quarter profit, helped by growth in client demand for its new-age digital services such as cloud, data and analytics during the pandemic. Second is, also we had cut discretionary expenditure like travel, as you can see that in our results. So when do you think this will probably stabilize or you think it will continue for long in the same way? See, on the first question on year-on-year when compared with large deals, I’m just getting that number. And as Salil had mentioned in earlier question, we will see some timing issues of that as travel returns. Thank you. Thank you, Salil. also were cut back. Today we have considered a scenario which is based on how we’ve seen the trajectory move in the global economy in Q1 and Q2. One is an area which is on everything related to digital transformation for which a large part of it is cloud and the area around cloud migration, but also cloud deployment, building cloud first applications, rolling out SaaS, working in public and hybrid cloud, private cloud environments. I mean, it’s a combination of two things. The Board of Directors at a meeting held on October 9, 2009, declared an interim dividend of Rs. And of course, a lot of it in our business, as you know well, is the steady execution, a continuous sort of traction to that. I’m grateful to our clients for their continued trust in us and I’m proud of our team for their incredible commitment to our clients. The salary increase process will restart now and will be effective as of January 1, 2021. So as we mentioned, what we call visa-dependent employees in the U.S., currently we are at about 37%. Do you think pandemic has put cloud on a faster acceleration than even digital now and we will see those benefits going forward?And also, if you can finally answer on the attrition. One, obviously, it’s the combination of the market, but it’s also how we have reacted to the pandemic, the focus that we have put in terms of employee welfare, a lot of engagement with the employees in the virtual world. The company also declared an interim dividend of Rs 12 per equity share and fixed October 26, 2020, as the record date for interim dividend and November 11, 2020, as payment date. And that’s really given us the confidence to increase both the revenue and the margin guidance. The way we see it is, we’ve had year-on-year growth — some of our last years we’ve had year-on-year declines. Thank you. So cloud is definitely something that’s working very. Thanks, Pravin. Take care. Thank you, and congratulations. You can view Announcement Date, Effective Date, Dividend Type (Interim, Final and Special), … “Our second quarter performance is a clear reflection of our ability to help clients on their digital transformation journeys. We have signed six large deals in this segment in the last quarter, including the Vanguard deal. Thanks. This metric is important for investors wanting a significant dividend outlook for a particular investment. Okay. H1B Visa. You are absolutely right. And all the best for the future. Salil, first a clarification. A complete statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov. This is Pravin here. I think the way to look at it, as Pravin was sharing earlier is, if you look, let’s say, 12 months ago or 24 months ago, the new — net new number — percent number, we see it’s good in this quarter for sure, but in general, in the pipeline it seems to be a little bit higher than that percentage is a way Pravin described it. That’s first part of my question. Growth accelerated during the quarter as economies across the world started opening up gradually, and clients focused on technology to help overcome the impediments. We believe our localization approach is a significant market differentiator and will help us better navigate regulatory changes. I’ll start with the first one. So is that largely for offshore mix? Cost take-out is a major focus for our clients across sectors. So I think we’ve been very focused over the last two years in the margin guidance band on 21% to 23% because the year prior to that when we rolled out the new strategy, this was about making the investments in the hubs, in the sales force side, and clearly that, which had an impact on margin. As with all our articles, AlphaStreet, Inc. does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company’s SEC filings. We have seen some improvement in productivity as well to our automation. Overall operating parameters improved during the quarter, utilization, onshore delivery share, RPP and subcon costs. Now on the attrition, obviously, the attrition that we have today is one of the lowest we have seen in the history of Infosys. Benefits from reduction in SG&A and other expenses were offset by increase in depreciation and amortization and cross-currency headwinds. So specifically, we don’t see in that sense a ceiling to the offshore work, but it’s a function of how that starts or gets carved down in different discussions and what the client approach is as that moves on. RPP also improved, both on year-on-year and sequential basis. So the way to look at it is, you have — I mean, you have a pie IT spend. So I’ll answer the first one. Yeah, yeah. And did you say that 23% to 24% is a sustainable margin band to model based upon it? However, the current volatility is presenting significant opportunities for cost take-out, and we continue to build a strong pipe. Good evening, and good morning to everyone on the call. Clearly this is an exceptional year in more ways than one with so many moving parts and variable element. Cash and investments at the end of quarter two were $4.55 billion. Large deal wins in quarter two was the highest ever at $3.5 billion. So they may have been — there may be some balancing there as well. And secondly on the cost front, and Nilanjan, employee cost is down actually quarter-on-quarter. Thanks for taking my question. However, what we see today is the one we have defined have got a nice traction in them and we can deepen our presence in those quite well. 10.00 per share. Thanks, Sandip. Work from home is very, very premature as of now in terms of what does it do for facilities or travel, but we think that some of this will come back. In terms of the offshore, is there a natural limit, I think there is certainly an ability for more of the work to be done offshore. Interim dividend. So how should really one really think about the current year as margin band increase? Thank you. Hi, Moshe. So we don’t see anything negative in the outlook. Interim Dividend. On the back of a strong quarter one, quarter two continues to show up improving performance with our unwavering focus on client relevance, operational excellence, cost and liquidity management. We stand together and are extending all possible supports to their families during this trying times.
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