Infosys Q3 net profit up 13.4% at Rs 6,586 crore

BENGALURU: IT services company Infosys on Thursday posted 13.4% increase in consolidated net profit at Rs 6,586 crore for the third quarter ended December 31, 2022, compared to Rs 5,809 crore in the same quarter last year.

The Bengaluru-based company's revenue increased 20.2% to Rs 38,318 crore compared to Rs 31,867 crore in the year-ago period.

The company said large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion.

Digital comprised 62.9% of overall revenues and grew at 21.7% in constant currency. Operating margin for the quarter remained resilient at 21.5%. Infosys has revised the FY23 revenue guidance to 16.0%-16.5%. FY23 operating margin guidance retained at 21%-22%.

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"Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees," said Salil Parekh, CEO and MD.

"As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients," he added.

The company has started share buyback program through open market route from December 7, 2022 and till date has bought back 31.3 million shares worth Rs 4,790 crore or 51.5% of total authorization of Rs 9,300 crore at an average price of Rs 1,531 per share.

Infosys' attrition rate in December quarter stood at 24.3% -- down from 27.1% in the previous quarter.

BENGALURU: IT services company Infosys on Thursday posted 13.4% increase in consolidated net profit at Rs 6,586 crore for the third quarter ended December 31, 2022, compared to Rs 5,809 crore in the same quarter last year. The Bengaluru-based company's revenue increased 20.2% to Rs 38,318 crore compared to Rs 31,867 crore in the year-ago period. The company said large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. Digital comprised 62.9% of overall revenues and grew at 21.7% in constant currency. Operating margin for the quarter remained resilient at 21.5%. Infosys has revised the FY23 revenue guidance to 16.0%-16.5%. FY23 operating margin guidance retained at 21%-22%. ALSO READ | NCLAT refuses relief to Google "Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees," said Salil Parekh, CEO and MD. "As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients," he added. The company has started share buyback program through open market route from December 7, 2022 and till date has bought back 31.3 million shares worth Rs 4,790 crore or 51.5% of total authorization of Rs 9,300 crore at an average price of Rs 1,531 per share. Infosys' attrition rate in December quarter stood at 24.3% -- down from 27.1% in the previous quarter.