Infosys attrition rate dips in third quarter, adds over 1600 employees in Q3FY23

India's second-largest information technology firm Infosys' attrition rate declined to 24.3 percent in the third quarter ending December 31, 2022 (Q3FY23) period. Infosys had reported an attrition rate of 27.1 percent in the previous quarter (Q2FY23). Infosys added 1,627 employees on a sequential basis.

Infosys' net profit came in at Rs 6,590 crore for the October-December period, posting an increase of 9.5 percent compared with the previous quarter and meeting analysts' estimates. Infosys Q3FY23 revenue rose 4.9 per cent sequentially to Rs 38,318 crore.

As per ZeeBiz research, Infosys was estimated to report a quarterly net profit of Rs 6,580 crore and revenue of Rs 37,920 crore.

Infosys has raised its revenue growth guidance for the year ending March 2023 to 16.0-16.5 per cent from 15-16 per cent.

At the end of the third quarter or October-Decmeber period, the total number of employees at Infosys stood at 3,46,845, with women employees comprising 39.4 percent of the workforce.

HCL Tech will also report its financial results later in the day.

Earlier this week, India's largest IT services company Tata Consultancy Services (TCS) on Monday had reported a sequential increase of four per cent in net profit to Rs 10,846 crore for the October-December period, driven by Cloud demand and market share gains. According to Zee Business research, the IT giant was estimated to report a quarterly net profit of Rs 11,270 crore.

Catch all the live updates on Infosys third quarter results here