Net profit up 10.9% to Rs 5,945 cr; attrition falls

IT major Infosys on Thursday reported a 10.9 per cent rise in its net profit in the quarter that ended on June 30 to Rs 5,945 crore as compared to Rs 5,360 crore in the same quarter last year. 

In constant-currency (CC) terms, the company’s revenue grew 4.2 per cent year-on-year (YoY) to Rs 37,933 crore.

The operating margin for the quarter was stable at 20.8 per cent. Its attrition declined to 17.3 per cent during the quarter. 

For the current year, FY24, the company has revised the revenue guidance to 1 per cent- 3.5 per cent. The operating margin guidance has been retained at 20-22 per cent.

“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 (CFO) at Infosys.

“We had a solid Q1 with a growth of 4.2 per cent 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 (CEO) and managing director (MD) at Infosys.