Jobaaj Stories
IT services major Infosys has published its results for the quarter ended in March 2023 as the IT giant saw significant growth in its revenues for the quarter as revenues and profits reported steady growth during the period.
Revenues during the quarter grew 16% YoY to Rs 38,112 crores against Rs 32,913 crores reported in the corresponding quarter last year. With operating expenses increasing to Rs 3,553 crores during the quarter, the operating margin of the company declined to 21%. Profit for the quarter stood at Rs 6,128 crores, up 7.7% YoY.
Also in news, TCS Reported a 15% YoY Rise in Profit; Announces Hiring of Freshers
For the period of 12 months ended on 31st March 2023, the company’s revenues grew 20.6% to a staggering amount of Rs 149,468 crores! Financial services remained its highest contributor as the segment accounted for 28.9% of all revenues. However, the contribution of Financial services has declined over the quarters as the company’s Retail, Manufacturing, and Life Sciences segments have been improving.
A similar trend could be seen in the geographic constitution of the company’s revenues. Although North America continued to be its highest contributing area at 61%, its share in total revenues has been declining as the same from Europe has risen to 27%. India and the remainder of the world accounted for a meagre 12% of the company’s revenues.
During FY23, the company recorded new deals worth $9.8 billion as the total number of its active clients grew to 1,872 with the addition of 2 new $100 million+, 4 new $10 million+, and 10 new $1 million+ clients.
Employee benefits expense continued to be the largest expense for the company coming in at Rs 78,359 crores as the company’s attrition rate declined from 27.7% last year to 20.9% this year.
Profit for the year stood at Rs 24,108 crores, up 8.9% YoY. As such, the Board of the company has approved a final dividend of Rs 17.50 per share the record date for which has been set as 2nd June.
The results, although robust, did not reach the analysts’ estimates as the stock tumbled due to the company’s lacking performance. The stock of Infosys closed at Rs 1,389.20 per share, down 2.74% on Thursday.
- Aman Agarwal
