Infosys Q1 Results: Profit up 3.2% YoY to Rs 5,360 crore; FY23 revenue guidance increased

IT major today reported a 3.17 per cent rise in net profit to Rs 5,360 crore in the June quarter compared with Rs 5,195 crore in the same quarter last year.

An ET NOW poll of analysts had anticipated the profit figure at Rs 5,550 crore.

On a YoY basis, the revenue jumped 23.6 per cent. In constant currency terms, its revenue grew by by 21.4% YoY and 5.5% QoQ. Operating margin at at 20.1%, declined 3.6% YoY and 1.4% QoQ.

While increasing FY23 revenue guidance to 14%-16%, Infosys has retained margin guidance at 21-23%.

“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, 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”, said Infosys CEO and MD Salil Parekh.

Like its peers in the industry, attrition remains a headache for Infosys as the attrition rate jumped to 28.4% in the June quarter from 27.7 per cent in the preceding March quarter.

“We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations”, said Infosys CFO Nilanjan Roy.

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