Infosys Q3 Results HIGHLIGHTS: Bengaluru-based IT major reports 1.7% dip in net profit vs Q2
Infosys Q3 Results Live, Infosys Q3 Earnings profit: Infosys—the country’s second largest IT services exporter—on Thursday reported a better-than-expected set of earnings for the October-December period, with revenue of $4,663 million and margin of 20.5 per cent. That was minutes after Tata Consultancy Services (TCS) kicked off the Q3 earnings season for India Inc. According to Zee Business research, the Bengaluru-headquartered IT major was expected to report quarterly revenue of $4,627 million and margin of 20.2 per cent.
Its net profit, however, slipped 1.7 per cent sequentially to Rs 6,106 crore, as against Zee Business analysts’ estimate of Rs 6,220 crore.
Infosys tweaked its full-year revenue growth forecast, in constant currency, to 1.5-2 per cent from 1-2.5 per cent. That was following an earlier reduction in guidance to 1-2.5 per cent from 1-3.5 per cent. The IT giant, however, maintained its full-year margin guidance at 20-22 per cent.
Attrition at the company eased to 12.9 per cent for the quarter ended December (Q3 FY24) from 14.6 per cent three months before.
The company reported large deals to the tune of $3.2 billion in the quarter under review.
Catch all the highlights of the Infosys Q3 FY24 earnings report, how Dalal Street reacts to it, and the views of Zee Business Managing Editor Anil Singhvi and other experts—and much more—only on the Zeebiz.com blog:
Infosys Q3 Results Live, Infosys Q3 Earnings profit: Infosys—the country’s second largest IT services exporter—on Thursday reported a better-than-expected set of earnings for the October-December period, with revenue of $4,663 million and margin of 20.5 per cent. That was minutes after Tata Consultancy Services (TCS) kicked off the Q3 earnings season for India Inc. According to Zee Business research, the Bengaluru-headquartered IT major was expected to report quarterly revenue of $4,627 million and margin of 20.2 per cent.
Its net profit, however, slipped 1.7 per cent sequentially to Rs 6,106 crore, as against Zee Business analysts’ estimate of Rs 6,220 crore.
Infosys tweaked its full-year revenue growth forecast, in constant currency, to 1.5-2 per cent from 1-2.5 per cent. That was following an earlier reduction in guidance to 1-2.5 per cent from 1-3.5 per cent. The IT giant, however, maintained its full-year margin guidance at 20-22 per cent.
Attrition at the company eased to 12.9 per cent for the quarter ended December (Q3 FY24) from 14.6 per cent three months before.
The company reported large deals to the tune of $3.2 billion in the quarter under review.
Catch all the highlights of the Infosys Q3 FY24 earnings report, how Dalal Street reacts to it, and the views of Zee Business Managing Editor Anil Singhvi and other experts—and much more—only on the Zeebiz.com blog:
Latest Updates
Infosys Q3 Results Update: Bengaluru-headquartered IT major's shares hold on to day's gains after a solid start to the day
Infosys shares jump by as much as Rs 111.6, or 7.5 per cent, to Rs 1,606.6 apiece on BSE as investors give a thumbs up to the IT major's quarterly performance.
Image: BSEIndia.com
Infosys Q3 Results | What happened to Infosys futures in last two minutes on Thursday? Anil Singhvi explains
Infosys spiked all the way up to Rs 1,528 from Rs 1,494—the intraday low and high, respectively—within the last two minutes.
Zee Business Managing Editor Anil Singhvi points out that such a sharp move minutes ahead of the release of the earnings report is surprising.
Watch him explain what could have happened:
‼️आखिरी 2 मिनट में 2% भागा इंफोसिस
क्या Result हो गए थे Leak #Q3FY24 #InfosysQ3FY24 #Infosys #StockMarketindia pic.twitter.com/y6h6BBfTmd
— CA Anil Singhvi Zee Business (@AnilSinghvi_) January 12, 2024
Infosys Q3 Results | Anil Singhvi says IT major's earnings in line with estimates after long
Zee Business Managing Editor Anil Singhvi points out that Infosys results have met expectations after a long time. He points out the following key points about the Infosys Q3 results:
- Strong deal wins
- Good environment
- Stable commentary
Infosys Q3 Results | Market wizard Anil Singhvi recommends buying Infosys futures; check out target price, stop loss here
Zee Business Managing Editor Anil Singhvi recommends buying Infosys futures with a stop loss at Rs 1,488 for targets of Rs 1,540 and Rs 1,555.
Infosys announces acquisition of semiconductor design services provider InSemi
Infosys announces a definitive agreement to acquire semiconductor design and embedded services provider InSemi.
"This strategic investment further strengthens Infosys’ Engineering R&D capabilities and demonstrates its continued commitment to co-create with global clients to help them navigate their digital transformation journey," says Infosys.
Infosys Q3 Results Live: CEO Salil Parekh says company's Q3 performance resilient
"Large deal wins were strong at $3.2 billion, with 71 per cent 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," says Salil Parekh, CEO and MD, Infosys.
“Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses," he adds.
File photo | Image credit: Reuters
Infosys Q3 Results Live: Dollar revenue at $4,663 million
Infosys says its revenue, in dollar terms, is down 100 bps (1.00 percentage point) in constant currency on year-on-year and quarter-on-quarter bases.
Infosys Q3 Results Live Update: Take a look at segment-wise revenue share
Here's the breakup of revenue earned by Infosys from some of its key segments:
- Financial services: up 0.7 per cent at Rs 10,783 crore
- Retail: down 4.5 per cent at Rs 5,649 crore
- Communication: down 0.9 per cent at Rs 4,421 crore
- Energy, utilities, resources and services: down 3.3 per cent at Rs 5,121 crore
- Manufacturing: up 3.8 per cent at Rs 5,786 crore
Infosys Q3 Results Live: IT major revises full-year revenue guidance, maintains margin forecast
Infosys where on the one hand has raised the lower end of its revenue guidance for the year ending March 2024 by 50 bps, on the other, it has lowered the upper end by the same magnitude.
Its revenue growth guidance now stands at 1.5-2 per cent, instead of the 1-2.5 per cent earlier.
Infosys Q3 Results Live: EBIT shrinks 3.8% sequentially to Rs 7,961 crore
The company reports Rs 7,961 crore in earnings before interest and taxes (EBIT) for the quarter, as against Rs 8,274 crore for the July-September period.
Infosys Q3 Results Live Update: Attrition eases to 12.9%, down 170 bps sequentially
Attrition at the IT firm eases to 12.9 per cent for the December quarter, from 14.6 per cent for the previous three months.
TCS Q3 Results Live: BREAKING—Operating margin shrinks by 70 bps sequentially
Infosys reports operating margin of 20.5 per cent for the October-December period, as against 21.2 per cent for the previous three months.
Infosys Q3 Results LIVE update: BREAKING—Revenue at Rs 38,821 crore vs Rs 38,994 crore in Q2
The company's second largest IT firm reports a 0.4 per cent sequential decline in revenue to Rs 38,821 crore for the quarter ended December 2023.
Infosys Q3 Results LIVE: BREAKING—Consolidated net profit at Rs 6,106 crore, down 1.7% sequentially
Infosys Q3 Results Today | Net profit likely to inch higher sequentially to Rs 6,220 crore in seasonally lean period
According to Zee Business research, Infosys is estimated to report a net profit of Rs 6,220 crore for the October-December period, which translates into an increase of 0.1 per cent on a quarter-on-quarter basis.
The analysts peg the IT company’s revenue for the fiscal third quarter at $4,627 million, as against $4,642 million for the previous three months.