Infosys Earned Rs 66 Crore/Day In 90 Days; Announces Share Buyback Worth Rs 9300 Crore!

Infosys on Thursday reported an above expectation growth of 11 per cent in consolidated net profit at Rs 6,021 crore for the September quarter.

Infosys Earned Rs 66 Crore/Day In 90 Days; Announces Share Buyback Worth Rs 9300 Crore!

The revenue rose 23.4 per cent year-on-year to Rs 36,538 crore in the second quarter ended September.

Share buyback

The buyback price is 30 per cent higher than the scrip closing price of Rs 1,419.7 apiece on Thursday.

It also announced buyback of shares worth Rs 9,300 crore for a price of up to Rs 1,850 per equity share.

This is the fourth buyback announced by the company since its listing in 1993.

Revenue growth guidance

It raised its FY23 revenue growth guidance to 15-16 per cent.

This is towards the higher end of previously-projected 14-16 per cent band driven by “strong large deals pipeline” and good demand momentum despite global macroeconomic concerns.

The company board declared an interim dividend of Rs 16.50 per share and the ultimate payout will be about Rs 6,940 crore.

The company has fixed October 28 as record date for interim dividend and November 10 as the payout date.

CEO Statement

Salil Parekh, CEO and MD of Infosys, said that the Q2 showing was “broad-based with all industries and geographies growing in double digits in constant currency.”

Margins expanded by 150 basis points and supply side pressures eased somewhat as attrition cooled off to 27.1 per cent from 28.4 per cent in June quarter.

However, despite the reducing attrition rates, supply side challenges continue to exert pressure on the cost structure, Nilanjan Roy, Chief Financial Officer of the company said.

“While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15-16 per cent for FY23”, Parekh said.

Deal contract value

The large deal total contract value for the quarter was robust at USD 2.7 billion which is the highest in the last seven quarters.

Overall revenues came from digital space which made up 61.8 per cent of overall revenues and grew at 31.2 per cent in constant currency terms.

On moonlighting

On the issue of moonlighting, Parekh said Infosys does not support dual employment.

Where employees were found engaging in blatant work for two specific companies raising confidentiality issues, it had “let go of them”.

The company is “comfortable” with its positioning in the market, even as it closely watches the macro environment and remains cautious.

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