Infosys Q4 profits soar 30% to reach ₹7,969 crore
New Delhi, Apr 18 (PTI) IT company Infosys on Thursday said its consolidated profit jumped 30 per cent to ₹7,969 crore in the fourth quarter ended March 2024.
The company posted a profit of ₹6,128 crore in the same period a year ago, according to a regulatory filing.
The consolidated revenue of Infosys during the reported quarter increased by 1.3 per cent to ₹37,923 crore from ₹37,441 crore in the same quarter a year ago.
The company expects a revenue growth of 1-3 per cent in constant currency during the current fiscal and operating margin of 20-22 per cent.
Infosys posted an operating margin of 20.1 per cent during the reported quarter and 20.7 per cent in the financial year 2023-24.
During the financial year ended March 2024, net profit increased by 8.9 per cent to ₹26,233 crore from ₹24,095 crore recorded in FY23.
The annual income from operations increased by 4.7 cent to ₹1,53,670 crore in fiscal year 2024 from ₹1,46,767 crore a year ago.
Infosys said the total contract value of its large deals in FY24 reached the highest-ever at $17.7 billion, with 52 per cent of them being net new.
"We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programmes, leveraging large language models with impact across software engineering, process optimization, and customer support," Infosys CEO and MD Salil Parekh said.
Infosys board recommended a final dividend of ₹ 20 per equity share for FY24 and additionally a special dividend of ₹8 per equity share.
The Infosys board reviewed and approved the capital allocation policy for the next 5 years from FY25 to FY29 after taking into consideration the strategic and operational cash requirements.
"Free cash flow of USD 848 million in the fourth quarter was highest in the last 11 quarters driven by our relentless focus to improve working capital cycle. Consistent with the objective of giving high and predictable returns to shareholders, the board has approved the capital allocation policy under which the company expects to return 85 per cent over the next 5 years and progressively increase annual dividend per share," Infosys CFO Jayesh Sanghrajka said.
The company also announced that it will acquire a 100 per cent stake in German firm in-tech in an all cash deal for 450 million euros or about ₹4,000 crore.
in-tech develops solutions in e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles and railroad.
Infosys said the acquisition will bring in marquee German original equipment manufacturer's deep client relationships and industry expertise with a multidisciplinary team of 2,200 people across locations in Germany, Austria, China, UK, and nearshore locations in Czech Republic, Romania, Spain, and India.
The acquisition is expected to close in the first half of FY25. PTI
