Infosys results provide little reason for cheer
Vishal Sikka, CEO and MD Infosys. Photo: Mint
Infosys Ltd’s December quarter results were in line with Street expectations, which isn’t great news because expectations had been running low. Revenues fell 1.4% sequentially to $2.551 billion, largely due to the ramp-down of a large project with Royal Bank of Scotland Plc. (RBS) subsidiary Williams and Glyn.
While the trouble with the RBS project was already known, it turns out that revenues from some other large clients also fell meaningfully last quarter. Revenue from the top 10 clients fell as much as 9.1% sequentially. The RBS project is estimated to have accounted for about half of that decline, which means revenue from other large customers fell 4.5% sequentially.
Credit: livemint.com