By Bill Ashton
Infosys Ltd. (NASDAQ:INFY) announced earnings results for the first quarter of its fiscal 2015. The Indian multinational corporation reported per-share earnings of $0.86, trumping analysts' expectations by 10 cents, and revenues of $2.1 billion, which fell in line with the Street's projections.
On a year-over-year basis, revenues grew 7.1%, and earnings posted double-digit growth of 15.1%. Infosys was able to close significant deals during the quarter, which allowed for the strong performance. The company added 61 new clients in the quarter.
Infosys further expanded its workforce by 11,506 employees in the quarter, but the company continues to face problems retaining employees. On that, Chief Operating Officer U.B. Pravin Rao said: "We are implementing various initiatives to retain good talent."
The company's efforts in shifting toward the cloud to provide cloud-based solutions are beginning to see fruition. Infosys developed a cloud-based app that facilitates better collaboration between pharmaceuticals and life science companies or other research organizations.
Growth markets notwithstanding, the company registered year-over-year growth in all of its segments, with financial services and insurance at the front of the pack. For the segment, the company claims to have collaborated with a large insurance company to develop a smartphone app to allow parents to monitor their teenagers' driving habits.
Just last month, the company said that CEO S. D. Shibulal would be replaced by Vishal Sikka, an ex-executive from SAP.
Infosys continues to see its margins expand with the gross margin for the quarter at 37%, a two-percentage point rise from the same period last year. The company also announced that it expects revenue growth of 7-9% for its fiscal 2015.
Disclosure: No positions.