IT firm Infinite Computer Solutions (ICS) today posted 18% increase in net profit at Rs 35.39 crore for the quarter ended June 30, 2012 on the back of new clients addition.
This is against a net profit of Rs 29.97 crore in the same period last year. On sequential basis, the net profit up 70% from Rs 20.70 crore registered in January-March 2012 quarter.
"We had an excellent quarter both in terms of revenue and margin growth. With new deals from both existing and new clients across telecom, media and content and healthcare verticals, we are confident of sustaining the momentum going forward," Infinite Computer Managing Director and CEO Upinder Zutshi said.
He added that the performance is in line with its annual guidance of 30% annual growth (in rupee terms).
The company's income grew by 21% to Rs 319.19 crore in the quarter under review from Rs 262.32 crore in Q1 FY12, while it was up 19% sequentially from Rs 266.90 crore in January-March 2012 quarter.
"We saw broad based growth across the top 10 clients and signed three new multi-year deals during the quarter. We have 58 active clients," he said.
He added that the company's cash and cash equivalents increased to Rs 183 crore in the reported quarter from Rs 156 crore in January-March 2012 quarter.
The company added 347 people during the quarter, taking its global headcount to 4,335 as on June 30, 2012.
"About one-third of our headcount is in the US, while the remaining are in India...During the quarter, we gave wage hikes to the tune of 3-4% in the US and about 12-13% in India," he said.