Buoyed by strong growth, Infosys rolls out 6-12 per cent salary hike for employees
Bengaluru: Indian software giant Infosys, which posted a strong revenue growth in the fourth straight quarter, has announced average salary hikes ranging between 6-12 per cent for its employees.
Banking on the strong show, the second largest IT services firm has given an average wage hike of about 6-12 per cent for all its offshore employees while on-site employees have been given average hikes of about 2 per cent.
Beating market expectations, the Bengaluru-headquartered company’s net profit for the January-March quarter stood at Rs 3,597 crore.
In a clear show of its revival after years of underperformance, the IT major has put out a better than expected revenue growth forecast.
The firm expects constant currency revenue to grow at 11.5-13.5 per cent in FY17, faster than industry growth expectations of 10-12 per cent.
The total revenues of the Bengaluru-based company for the full fiscal ended March 31, 2016 stood at Rs 62,441 crore registering a Year-on-Year (YoY) growth of 17.1 per cent.
Analysts have attributed the turnaround in Infosys to the leadership of its first non-founder CEO Vishal Sikka.
“We started the year just two quarters into a strategy to completely re-imagine the notion of services and to transform Infosys. Over the course of this year, we saw this strategy, of bringing automation and innovation to our clients, on a foundation of learning and education, start to show results in the organic growth of our client relationships, in our win rates in large deals, and in the types of projects,” said Vishal Sikka, CEO and MD, Infosys.
Last year, Infosys had handed out average wage hikes of about 6.5 per cent, following a disappointing year for the company when revenues grew by about 7 per cent.