Infosys Earned Rs 59.5 Crore/Day In 90 Days: Net Profit Decreases By 5.7% But Revenues Increase By 23.6%
The country’s second largest IT company Infosys posted its earnings results for the June ending quarter on Sunday, missing the Street’s estimate on its YoY net profit in the period.
Here’s the company’s financial results and performance for the first quarter of the ongoing financial year 2022-23.
Q1 Results of Infosys
The company’s consolidated net profit in Q1 FY23 climbed 3.17% YoY to Rs 5,360 crore but on a sequential basis, the figure declined 5.7% YoY.
However, the IT firm’s consolidated revenue in the June quarter rose on a YoY as well as QoQ basis at Rs 34,470 crore. On a year-on-year basis, Infosys’ revenue surged 23.6% and sequentially it climbed 6.8%.
The YoY growth was high, in double digits across all business segments in constant currency terms. The company’s digital business grow by 37.5% in constant currency during the quarter, contributing 61% to its overall revenues, it said.
On a cc basis, Infosys’ revenue climbed 21.4% YoY and 5.5% QoQ, while operating margin in the quarter declined 3.6% YoY and 1.4% QoQ to stand at 20.1%.
The IT giant’s net hiring came in strong and was recorded at 21,171 in Q1 FY23.
Infosys’ Management Commentary on Q1 Performance
The company’s MD & CEO, Salil Parekh said,
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organisation, our industry-leading digital capabilities and continued client-relevance.
We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition.
We are investing in rapid talent expansion while ensuring rewarding careers for our employees, to better serve evolving market opportunities.
This has resulted in a strong performance in Q1 and increase in FY 23 revenue guidance to 14-16%.”