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 "Infosys Limited Corporate Head Office")
Infosys Limited Corporate Head Office (Photo: Wikimedia Commons)
Infosys on Thursday cut its full-year FY24 revenue growth guidance to between 1 per cent and 3 per cent, much lower than an earlier projection of 4-7 per cent.
The information technology company reported a net profit of Rs 5,945 crore for the first quarter of FY24 (Q1 FY24), up 10.9 per cent year-on-year (YoY). Sequentially, the profit was down 3 per cent.
Revenue was up 10 per cent at Rs 37,933 crore for the Q1 FY24. US dollar revenue grew by 3.9 per cent.
Infosys said that its total contract value of large deals for the quarter was at $2.3 billion, with net new of 56 per cent.
“We had a solid Q1 with a growth of 4.2% and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio,” said Salil Parekh, chief executive officer and managing director of Infosys.
“We have expanded the margin improvement program with a holistic set of actions for the short, medium and long-term, working on five key areas, supported by our leadership team,” he said.
“Q1 operating margins were resilient in an uncertain macro environment on the back of our continued focus on cost optimization. Company’s rigorous operational discipline including improved productivity measures and higher utilization helped margins for the quarter” said Nilanjan Roy, chief financial officer of Infosys.
First Published: Jul 20 2023 | 5:49 PM IST
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