Infosys posts higher-than-expected Q2 profit; keeps annual sales growth outlook

Infosys Ltd(INFY.NS) wants to revive growth through automation and artificial intelligence, its chief executive said on Friday, boosting investors’ confidence in India’s second largest IT exporter after it posted a forecast-beating quarterly profit.

Chief Executive Vishal Sikka was brought in earlier this year to chart a new strategy for Infosys, once a trendsetter for India’s more than $100 billion IT outsourcing industry but which has struggled in recent years to retain staff and market share.

Infosys often appeared torn between chasing high-margin projects and low-margin bread-and-butter IT deals. Sikka, however, said Infosys’ future now lay in new technologies, and that it would look into acquisitions to expand into those areas.

“We believe we can get back to that consistent profitable growth as well as achieve great growth and once again become a bellwether of the Indian IT industry,” Sikka told reporters at the company’s sprawling Bangalore headquarters.

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