Infosys on Thursday reported consolidated profit of Rs 6,586 crore for the quarter ended 31 December 2023. The company’s net profit jumped 13% on-year. Infosys’ consolidation revenue for the quarter came in at Rs Rs 38,318 crore, up 20% on-year. Infosys board revised FY23 revenue guidance to 16.0%-16.5%, while FY23 operating margin guidance has been retained at 21%-22%. Infosys’ attrition rate declined further sharply at 24.3%. The IT major made new additions of 1,627 employees on a sequential basis. Infosys shares closed nearly one per cent higher at Rs 1,482 apiece on the BSE ahead of its Q3 results announcement.
In constant currency terms, on-year revenue growth was 13.7%. Digital revenue comprised 62.9% of overall revenues and grew at 21.7% in constant currency. Large deal total contract value for the quarter was the strongest in the last eight quarters at $3.3 billion. “Our revenue growth was strong in the quarter, with both digital business and core services growing. As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clientslook at consolidating vendors,” said Salil Parekh, CEO and MD Infosys.
Separately, the Infosys board announced the appointment of Govind Iyer as an Independent Director of the company, effective January 12, 2023, for a period of five years, subject to the approval of shareholders.
Shares of the IT giant closed over a half percent up on Thursday, prior to the result announcement, rising 0.62% to Rs 1480.55 and moving in a range of Rs 1455.25 and Rs 1485.00 during the day. The shares touched a 52-week high of Rs 1,953.70 in the same month last year, on 17 January 2022 and a 52-week low of Rs 1,355.50 on 26 September 2022. While the stock has risen over 170% in the last five years, it has fallen 21% in the past year compared to a 25% fall in the Nifty IT index.