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IT Services giant Infosys has reported a 13% YoY jump in profits for the quarter that ended in December 2022 as it smashed all estimates put forward by analysts.
Revenues of the company registered a 20.24% annual growth, the figure for the relevant quarter was Rs 38,318 crores. This beat the analysts’ estimate of around Rs 37,613 crores as Digital revenues saw a constant currency growth of 21.7%, accounting for 62.9% of total revenues.
The company had deal wins of $3.3 billion during the Oct-Dec quarter, making it the most robust deal wins in the past 8 quarters, despite the quarter being a seasonally weak one for the IT services sector. However, the operating margins of the company declined from 23.5% to 21.5% as the operating profit for the quarter was Rs 8,242 crores.
Expenses spiked significantly as operating expenses surged 18.4%. Profit for the quarter reached Rs 6,586 crores, up 13.12% from Rs 5,822 crores reported in the corresponding quarter last year.
“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 our employees' unrelenting dedication, " said Salil Parekh, CEO, and MD of Infosys.
“As reflected in the large deal's momentum, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clients look at consolidating vendors. We remain focused on helping businesses accelerate their digital agenda to uncover new value and growth, as well as improve operational and cost-effectiveness”, he added.
The stock of Infosys closed at Rs 1,503.65 per share on Friday, up 1.6%.
Article by Aman Agarwal.
