Infosys Q2 net profit jumps 3.1 pc to Rs 6,215 crore; revises FY24 revenue forecast

New Delhi, Oct 12 (PTI) India's second largest IT services company Infosys on Thursday reported a 3.1 per cent year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter.

The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period.

The company - which competes in the IT services market with TCS, Wipro, HCL Technologies and others - saw its revenue rising 6.7 per cent to Rs 38,994 crore for the just-ended September quarter.

Infosys CEO and MD Salil Parekh said, "We had our highest large deals value at USD 7.7 billion in Q2 spread across all verticals and geographies".

"This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale," Parekh added.

'In line with market expectations'

“Infosys Q2 earnings are in line with markets expectation but the company trimming its revenue guidance would be negative for the stock. Overall results are not so bad but discounted in prices. FY24 Guidance - revised downwards would put pressure on prices to sustain while it has maintained margins. Technically the last minute fall in prices shows that results were not in favour of bulls, hence a gap down opening between Rs 1400-1420 could be seen in the opening trade,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Its FY24 revenue guidance has been revised to 1-2.5 per cent against 1-3.5 per cent given earlier, while operating margin guidance retained at 20-22 per cent.

Infosys has declared an interim dividend of Rs 18 per equity share carrying a face value of Rs 5 each. It has fixed October 25, 2023, as the record date for the interim dividend and November 6, 2023, as the payout date. PTI PRS MBI MBI BAL BAL