₹1,577.20 apiece on the BSE. India’s second largest IT services company, Infosys reported a 1.7% fall in its consolidated net profit for Q3FY24 to ₹6,106 crore from ₹6,212 crore in Q2FY24. The company’s revenue during the quarter fell by 0.4% to ₹38,821 crore from ₹38,994 crore, QoQ.
Its revenues in constant currency (CC) terms also declined to $4,663 million. Operating margin for the quarter came in at 20.5%, down 70 bps QoQ and 100 bps YoY. Large deal TCV for the quarter was $3.2 billion, with 71% being net new.
Meanwhile, attrition declined further to 12.9%. Read here: Infosys Q3 Results: FY24 revenue guidance revised to 1.5-2%; PAT down 7% YoY to ₹6,106 crore. All you need to know Infosys narrowed its revenue growth guidance to 1.5% – 2% for FY24 from 1% – 2.5% earlier, while maintaining the margin guidance unchanged to 20-22%.
Also, the company announced a definitive agreement to acquire InSemi, a leading semiconductor design and embedded services provider for ₹280 crore. Analysts remain optimistic on Infosys growth outlook with some brokerages raising the target prices on the Infosys shares. Also Read: TCS vs Infosys: 5 most important comparisons you should know Here’s what brokerages have to say on Infosys Q3 results: Infosys’ Q3 growth and margins beat estimates.
Net new order book of $2.2 billion was impressive, according to Jefferies. Strong deal wins provide comfort on expectation of 13% EPS CAGR over FY24-26E, said the foreign brokerage. It raised estimates on Infosys by up to 2% to factor earnings beat and has a ‘Buy’ rating on the stock with a target price of ₹1,740 per share.
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