Infosys' net rises slightly, bets on AI

Infosys' consolidated net profit rose 1.4% to ₹3,483 crore for the first quarter of fiscal 2017-18 compared with the same period a year earlier, but declined 3.3% sequentially from ₹3,603 crore. India's second-largest software services provider said that the consolidated revenue for the quarter under review (Q1) was flat (1.8%) year-on-year at ₹17,078 crore as against ₹16,782 crore in the same period a year ago. This was subdued (0.2%) sequentially from ₹17,120 crore quarter ago. "I am encouraged by the uptick in revenue per employee for six quarters in a row, and the strong momentum in our new high growth services and software, as we accelerate our focus on innovation-led growth," said Infosys chief executive Vishal Sikka. "The widespread adoption of our grass-root innovation and education initiatives continue to fuel our transformation," he added.