Infosys Q3 results: Revenue guidance to dip in profit — 6 key highlights from IT major's earnings
₹6,106 crore, down 7.3 percent from ₹6,586 crore in the year-ago period. Its consolidated revenue was flat, up just 1.3 percent to ₹38,821 crore versus ₹38,318 crore in the same period last year. The expectations had remained subdued from the IT sector as a whole and also from Infosys during the third quarter of FY24.
The rise in furloughs, weak macros, wage hikes impacting margins and weak demand environment were the key reasons for analysts maintaining a weak outlook. Infosys FY24 revenue guidance was further revised to 1.5%-2.0% as it maintained its operating margin guidance at 20%-22%. The company said that its performance remained resilient.
“Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71% of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation," said Salil Parekh, CEO and MD. “Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses," he added.
Also Read- Infosys Q3 Earnings: FY24 revenue guidance revised to 1.5-2%; PAT down 7% YoY to ₹6,106 crore Infosys posted a consolidated net profit of ₹6,106 crore, down over 7 percent from ₹6,586 crore in the year-ago period. Its consolidated revenue was flat, up just 1.3 percent to ₹38,821 crore versus ₹38,318 crore in the same period last year. On a sequential basis as well, its profit fell 1.7 percent from ₹6,212 crore in the September 2023 quarter and revenue was down 0.4 percent sequentially from ₹38,994 crore.
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