The Indian IT services major, Infosys Ltd is all set to roll out 80 percent variable pay on an average to its employees for the quarter ending June 30 and slated to be disbursed along with August salary.
Infosys Releases 80% Variable Pay For Q1FY24
The news of the company’s variable payout was announced in an email sent from the Human Resources team to the employees.
In this email, the IT service provider noted that the variable pay rollout comes at the back of “good performance” in the June quarter of FY24.
“We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements,” stated the email.
Standing at Rs 5,945 crore, Infosys reported 11 percent rise in net profit year-on-year (YoY) For Q1FY24.
At the same time, the revenue of the IT company stood at $4,617 million in terms of dollars.
When it comes to the Operating margin for the quarter, the company stood at 20.8 per cent.
Which is up 80 basis points over 20 percent in the year-ago quarter, but down 20 basis points QoQ from 21 percent in the March quarter.
The quarter ended with the large deal wins at $2.3 billion.
Infosys Being Optimistic About Quarters Ahead
It is noteworthy here that the IT major revised its FY24 revenue guidance downward to 1-3.5 per cent, as compared with 4-7 percent that it was projecting earlier.
“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, the CEO of Infosys, after the Q1 results announcement.
The management was optimistic about the quarters ahead, said the email sent by the company to employees.
Further adding, “By staying focused on our priorities, collaborating closely across teams, and remaining adaptable to changing circumstances, we are confident in setting ourselves up for a productive and optimistic quarter ahead.”
Prior to this, the IT giant had rolled out an average variable pay of 60 percent For Q4FY23.
