Infosys Q1FY23 Results: Profit declines nearly 6% to Rs 5360 cr QoQ; FY23 revenue guidance seen at 14-16%

Index heavyweight and IT major Infosys delivered a robust performance in the first quarter of the financial year 2022-23 (Q1FY23) with year-on-year growth of 21.4 per cent and quarter-on-quarter growth of 5.5 per cent in constant currency.

The company’s profit after tax declined nearly 6 per cent quarter-on-quarter basis to Rs 5360 crore during June-end quarter as against Rs 5686 crore in the March-end quarter of FY23. While revenue surged around 7 per cent to Rs 34,470 crore in Q1FY23 versus Rs 32,276 crore in Q4FY22.

The revenue in dollar terms of the company gained nearly 4 per cent to $ 4,444 million in Q1FY23 as against $ 4,280 million in the previous quarter.

While EBIT came flat at Rs 6914 crore in the first quarter of FY23 as against Rs 6956 crore in the previous quarter and margins slipped by 140 basis points to 20.1 per cent from 21.5 per cent QoQ.

Net hiring of the IT company was strong at 21,171 headcounts.

“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, industry-leading digital capabilities and continued client-relevance,” the management said in its results commentary.

We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition, said Salil Parekh, CEO and MD of Infosys.

“We are investing in rapid talent expansion while ensuring rewarding careers for our employees, to better serve evolving market opportunities. This has resulted in a strong performance in Q1 and increase in FY23 revenue guidance to 14-16 per cent”, he added.

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of the company people work to amplify human potential and create the next opportunity for people, businesses and communities.