Infosys Q3 net profit declines by 7.3 pc to Rs 6,106 crore; revenue up just 1.3 pc

The net profit was Rs 6,586 crore in the year-ago period


Infosys Ltd, on Thursday, reported a 7.3 per cent year-on-year (YoY) decline in net profit at Rs 6,106 crore in the third quarter. This was Rs 6,586 crore in the year-ago period.

The IT major saw a mere 1.3 per cent increase in revenues to Rs 38,821 compared to Rs 38,318 crore in the same period last year.

Infosys revised guidance for revenue growth for FY 24 to 1.5-2 pc from 1-2.5 per cent given earlier, while the operating margin guidance at 20-22 per cent has been kept unchanged.

The company said its performance in the third quarter—usually a weak quarter for IT firms—was "resilient." CEO of the company Salil Parekh said, “Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71 percent 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."

Meanwhile, the company said it is planning to acquire Bengaluru-based semiconductor design service provider InSemi for about Rs 280 crore.


Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp