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India's second-largest IT services company Infosys published its Q1 results for FY23, late on Sunday as the company reported a 3.2% growth in profits.
The company reported a net profit of Rs 5,360 crores for the quarter ended in June 2022, up 3.2% YoY, but down 5.7% QoQ, as opposed to Rs 5,195 crores reported during the corresponding quarter last year.
Consolidated revenues, on the other hand, surged 23.6% YoY, from Rs 27,896 crores last year to Rs 34,470 crores this year. The company reported an overall growth of 21.4% as all business segments reported double-digit growth as Digital accounted for 61% of overall revenues.
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Financial services continued to be the highest contributor to the company's revenues but its contribution declined to 30.6% during the quarter. The contribution of Retail and Communication improved to 14.5% and 13% respectively. All other segments remained stable with their contribution to company revenues.
North America continued to be the company's largest business generator as 62% of total revenues came from businesses in the area. Europe served 25% while RoW contributed 10.6%. Indian business only contributed 2.6% of the company's revenues.
The company had a total addition of 106 clients during the year. Its top five clients contributed 13 percent of the total revenues. The top 10 clients generated 20.8 percent while 36.3 percent of the total revenues were generated by its top 25 clients.
"Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities, and continued client relevance. We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition." CEO and MD Salil Parekh said.
Infosys is one of the IT stocks which has been badly battered on the bourses. The stock has been falling since April 2022 as it closed at Rs 1,506.30 per share on Friday, down 1.74% intraday and 21% in 3.5 months. Today, it opened at Rs 1480.00 per share.
Article by Aman Agarwal.
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