Country's top IT services company Infosys Ltd announced its financial results for the quarter ended March 31, 2023 (Q4FY23). The company's net profit rose 8 percent to Rs 6,128 crore while its revenue from operations increased 16 percent (YoY) in the said quarter.
Meanwhile, Infosys' rival and biggest IT company TCS had on April 12 reported a 14.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 11,392 crore for Q4FY23.
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Infosys Q4 results at a glance: Numbers stand below street estimates
Infosys Q4 results: $100m-plus clients rise to 40
The IT firm's top 10 clients contributed 20.10 percent to the revenues in the March quarter. On the other hand, the top 25 clients contributed 34.7 per cent to the company’s top line during the quarter under review. The company added clients in the $1 million (922 from 912), $10 million (298 from 294) and $100 million (40 from 38) segments on a sequential basis. The number of $50 million-plus clients declined to 75 from 79 on a QoQ basis.
US banking issue impacted decisions across the Board: Infosys CEO Parekh
Here's whatInfosysCEOSalilParekhmentioned in press briefing post earnings declaration
--WithinInfosyswe have a strong leadership team and we’re seeing more at the next level
--There was some one time impact in Q4; see somestabilisationin March
--US banking issue impacted decisions acrossthe Board
--We are working closely with clients; their connect will help us massively
--We have a large pipeline
--There is slowing in deals but our pipeline remains strong
Infosys Q4 results: CEO Salil Parekh says expects generative AI to bring more opportunities
"Our operational margin for the full year is at 21%. Expect Generative AI to bring more opportunities. Had one-time impact on revenue due to decline in combination of cancellation & some specific issue."
Here's more from Infosys press briefing
Infosys Q4 results press briefing
Infosys CEO Salil Parekh says company saw "unplanned rampdowns" across diff sectors - telco, hi-tech, retail and financial services.
Infosys Q4 results at a glance: Numbers stand below street estimates
Infosys Q4 Updates: Segment-wise performance
--Financial services sector revenue fell 1.7 percent YoY. Banking and financial services make for close to 26 percent of the total revenue.
--The communication vertical revenue dropped 2 percent YoY.
--The manufacturing vertical saw the best growth at 22 percent
--Energy and life sciences revenue increases at 14 percent each.
Infosys Q4 results LIVE: Operating profit rises 13% YoY to Rs 7,877 crore
Operating profit for the company came at Rs 7,877 crore, up 13 percent compared to Rs 6,956 reported in the March 2022 quarter. In the previous quarter, operating profit stood at Rs 8,242 crore. Operating margincontracted0.5 percent on a yearly as well as sequentially to 21 percent.
At constant currency, the company's revenue grew by 8.8 percent on-year during the fourth quarter, and by 15.4 percent during the entire fiscal year.
Infosys’ headcount declines by 3,611 employees in Q4
Infosys' headcount growth for the year 2022-2023 was 29,219 employees, down 46 percent from last year’s net addition of 54,396.
With this, Infosys' headcount stands at 3,43,234 as of March 31, 2023. This is the first time since the Covid-hit quarter of FY21 that Infosys is ending a quarter with fewer employees than it had at the end of the previous quarter. In the same quarter last year, Infosys added 21,948 employees.
More details here
Infosys Q4 results
In the March quarter, Infosys bagged TCV deals worth $2.1 billion while for FY23, the total deal wins were worth $9.8 billion.
Infosys Q4 results: Firm forecasts slower FY24 revenue growth
Infosys forecast slower revenue growth for the current fiscal year compared with analysts' expectations, amid a turmoil in the US banking sector that has prompted clients to tighten spending.
India's second-largest IT services firm expects revenue growth of 4%-7% for the fiscal year ending March 2024.
Infosys Q4 results LIVE updates: CFO says operating margins at 21%
"Our continued focus on cost optimization and operational efficiencies have helped in achieving operating margins of 21.0% in FY23, said Nilanjan Roy, Chief Financial Officer.
“Free cash generation in Q4, led by robust collections, was strong."
Infosys CEO Salil Parekh on Q4FY23 performance
“Our strong performance in FY23 is a testimony to the continued focus on digital, cloud and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms” said Salil Parekh, CEO and MD.
“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. We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients”, he added.
Infosys Q4 results: Attrition declined further in Q4
Attrition rate for March quarter stood at 20.9% as against 24.3% sequentially.
Infosys declares final dividend for 2022-2023
Infosys board approveda final dividend of Rs 17.50 per equity share for the financial year ended March 31, 2023.
The record date for payment of final dividend is June 2, 2023. The dividend will be paid on July 3, 2023.
Infosys Q4 LIVE updates: FY24 revenue guidance
--IT services company pegged its FY24 revenue guidance at 4%-7%.
--Operating margin of 20%-22%.
Infosys Q4 numbers out: Revenue rises 16%
Revenue from operations increased 16 percent to Rs 37,441 crore as against Rs 32,276 crore in the same quarter last fiscal.
Revenues in constant currency (CC)terms grew by 8.8 percentYoY and declined by 3.2 percentQoQ.
Infosys Q4 results LIVE updates: Net profit rises 7.7% (YoY) to Rs 6,128 crore
Infosys on April 13 posted nearly 8 percent increase in consolidated net profit at Rs 6,128 crore for the quarter ended March 31, 2023. The IT services company had posted a net profit of Rs 5,696 crore in the year-ago period.
Sequentially, the company’s net profit in the March quarter fell by 7% while sales dropped 2.3%.
Infosys Q4 results to be declared shortly. Stay tuned for all updates here
Infosys share price update:
Ahead of earnings declaration, shares of Infosys closed 2.79percent lower at Rs1,388.60apiece on BSE.
IT stocks weighed after weak quarterly earnings and a cautious outlook from top IT firm TCS Ltd, and on rising concerns of a "mild recession" in the US.
IT stocks spur fall in Indian shares on rising recession fears
IT stocks weighed after weak quarterly earnings and a cautious outlook from top IT firm TCS Ltd, and on rising concerns of a "mild recession" in the US.
The high-weightage IT lost more than 1.8 percent, with nine of the 10 firms in the index logging losses. TCS, Tech Mahindra Ltd, HCL Tech Ltd and Infosys Ltd fell more than 1.5 percent each, and were among the top losers in Nifty 50 index.
The fall in IT stocks comes after TCS flagged concerns of deferred spending and near-term uncertainty in its banking, financial services and insurance (BFSI) segment. (Reuters)
Infosys Q4 preview: Revenue expectations
Infosys’s consolidated revenue is expected to come in at Rs 38,859 crore, marking 20.4 percent year-on-year (YoY) growth, according to an analysts’ poll.
Consolidated net profit is expected to increase 16.5 percent YoY to Rs 6,623 crore.
In constant currency (CC) terms, analysts predict revenue growth ranging from 0.3 to 0.6 percent QoQ.
Infosys Q4 results: What are analysts expecting?
Analsyts expect Infosys to post muted revenue and profit growth for the quarter ended March on weak financial services demand and seasonal factor.
The Bangaluru-based company is expected to see revenue in the fourth quarter of FY 2023 rise 1.4 percent and net profit increase 0.6 percent quarter-on-quarter (QoQ).
Infosys Q4 results LIVE: What time will the IT company declare its earnings?
Infosys would announce its quarterly earnings after market hours today, i.e. post 3:30 pm, which would be followed by a press conference at 4:30 pm and a 60-minute earnings call at 6 pm.
Infosys Q4 results: Share price declines nearly 3%
Ahead ofInfosysfinancial results for the quarter ended March 31, 2023, shares of India's second-biggest IT services company traded 2.88 percent lower at Rs1,387.25 apiece on BSE.
