Benzinga | Jul 14, 2021 09:03AM EDT

Infosys Beats On Q1 Earnings, Raises FY22 Outlook

* Infosys Ltd (NYSE:INFY) reported first-quarter FY21 revenue growth of 21.2% year-on-year to $3.78 billion, beating analyst consensus ($3.69 billion) by 2.5%.

* Revenue from software services rose 20.7% year-on-year to $3.5 billion. Revenue from products and platforms increased 28.1% Y/Y to $278 million.

* The gross margin remained flat at 33.7%, while the operating margin expanded 101 basis points to 23.7%.

* EPS of $0.17 was at par with analyst consensus.

* INFY held $3.5 billion in cash and equivalents, and the company generated $932 million in operating cash flow.

* Outlook: The company raised the FY22 revenue growth guidance from the previous 12%-14% to between 14%-16%.

* Price action: INFY shares traded higher by 3.80% at $21.85 in the premarket session on the last check Wednesday.