Infosys to announce Q3 results on January 11

economictimes.indiatimes.com:

Infosys will announce its quarterly results for the three and nine months ended December on January 11, the company informed the exchanges.

«A meeting of the Board of Directors of the company will be held on January 10 and 11, 2024, inter alia to approve and take on record the audited consolidated financial results for the quarter and nine months ending December 31, 2023,» the company said in a filing.

In the second quarter, the Bengaluru-based company reported a 3% growth in consolidated net profit at Rs 6,212 crore. Consolidated revenue grew nearly 7% YoY to Rs 38,994 crore.

In an unexpected move, the software major tweaked its guidance for FY24 in the September quarter.

It now sees revenue growing 1-2.5% in constant currency terms in FY24, compared to its earlier estimate of 1-3.5%.

While Infosys cut the upper end of its revenue growth guidance, the company retained its operating margin target of 20-22%.

The company announced large TCV deals worth $7.7 billion for the quarter ended September.

Infosys has recently appointed Jayesh Sanghrajka as the new CFO following resignation of the incumbent Nilanjan Roy. Roy said he is quitting due to personal reasons for exploring external growth opportunities.

Sanghrajka would assume the new role from April 2024.

He has spent over 18 years at Infosys across two stints and has performed various leadership roles.

He is currently Executive Vice President and Deputy Chief Financial Officer and comes with over 25 years of work experience.

Morgan Stanley maintained an overweight stance on Infosys with a target price of Rs 1600.

«The resignation by CFO was unanticipated and could weigh on sentiment for the stock in light of past senior exits. We expect the transition to be a