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India's second-largest IT Services provider, Infosys, published its results for the quarter that ended in September 2022 wherein the company reported an 11% surge in profits, resulting in the share surging 5% in early trading hours.
The company beat all estimated figures as the revenues for the quarter ended in September 2022 came in at Rs 36,538 crores, up 23.4% YoY and 6% QoQ. All segments reported robust growth during the quarter with its Manufacturing segment growing the highest: 45.6%.
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Profit for the period in question stood at Rs 6,026 crores, up 11% YoY and 12.4% QoQ. As opposed to $1.7 billion reported in the last quarter, the company's deal wins worth $2.7 billion (54% of which were net new deals) during the quarter ended in September 2022, its highest in the last 7 quarters.
Its business in Europe saw a growth of 30% while the same in the USA grew 15%. The company onboarded 10,032 new employees during the quarter as new hiring declined 53% while the attrition rate fell to 27.1%.
“While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses,” Salil Parekh, CEO, and MD, said in a release.
Alongside the announcement of the results the company also announced two corporate actions. Firstly, the company has announced an interim dividend of Rs 16.50 per share while fixing 28th December 2022 as the record date and 10th November as the payout date.
Secondly, the company's Board approved a mega buyback of Rs 9,300 crores where the shares would be repurchased via the open market at a price of Rs 1,850 per share.
The company's shares witnessed a full gap up opening today as it opened at Rs 1,485 per share, up 4.6%. It currently trades around Rs 1,489.35 per share, up 4.9%.
Infosys's performance at the bourses today has resulted in the company becoming the 4th largest company by market capitalization in India, successfully dethroning FMCG major HUL.
Article by Aman Agarwal.
This news piece is brought to you in association with Jobaaj.com
