Indus Valley Times

NEW DELHI, APRIL 14: Infosys on Thursday posted a 7.8 per cent year-on-year rise in consolidated net profit at Rs 6,128 crore in March quarter of FY23, and gave 4-7 per cent revenue growth forecast for FY24 amid macro economic uncertainities.

The net profit (after minority interest) stood at Rs 5,686 crore in the fourth quarter of FY22. Seen sequentially, the net profit for Q4 came in 7 per cent lower.

The results were below street estimates.

The Bengaluru-based Infosys — which competes in the market with Tata Consultancy Services (TCS), Wipro and other IT firms — also logged a 16 per cent year-on-year growth in consolidated revenue in the fourth quarter of FY23 at Rs 37,441 crore.

Infosys has given revenue growth guidance of 4-7 per cent for FY24.

Infosys, during Q3 earnings announcement in January this year, had raised FY23 revenue guidance to 16-16.5 per cent against the previously projected band of 15-16 per cent.

For the full year FY23, the net profit was up 9 per cent on year at Rs 24,095 crore, while revenue was 20.7 per cent higher at Rs 146,767 crore.

“As the environment has changed, we see strong interest from our clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline,” Infosys CEO and MD Salil Parekh said in a statement.

-PTI