Infosys ADR plunges 9% in pre-market session on NYSE; here's why
guidance for FY24 to 1-3.5 per cent from 4-7 per cent amid an increasingly challenging demand environment, while operating margin or earnings before interests and taxes (EBIT) guidance was left unchanged at 20 per cent to 22 per cent. In a post-earnings press conference today, Infosys MD and CEO Sahil Parekh said, ‘’See some clients stopping or slowing down transformative programs.
We are changing revenue growth guidance keeping these factors in mind." he added. The IT company's consolidated revenue from operations stood at ₹37,933 crore during the quarter ended June from ₹34,470 crore in Q1FY23.
In constant currency terms, revenue grew by 4.2 per cent year over year, and by one per cent sequentially. The company said attrition declined to 17.3 per cent during Q1FY24 from 28.4 per cent in the same quarter last year and 20.9 per cent in Q4FY23.
However, the total number of employees declined on a quarter-on-quarter basis. As per the regulatory filing, the total number of employees was 3,36,294 as on June 30, 2023, against 3,35,186 employees as on June 30, 2022, and 3,43,234 employees as on March 31, 2023.
Read more: Infosys Q1 Result: Revenue guidance trimmed, headcount falls QoQ; six key points from the IT major's Q1FY24 earnings Disclaimer: The views and recommendations above are those of individual analysts and broking companies, not of Mint. We advise investors to check with certified experts before taking any investment decisions.Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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