New Delhi: Infosys, India’s second largest IT services firm, on Friday reported a 3.17 per cent increase in net profit to Rs. 5,360 crore in the first quarter (Apr-Juen) as against Rs 5,195 crore in the corresponding quarter last year. Sequentially, the profit declined by 5.7 percent, as against a profit of Rs 5,686 crore in Q4FY22.
The consolidated revenue of the company stood at Rs 34,470 crore, up 23.6 percent from Rs. 27,896 crore achieved during the same quarter of the previous fiscal year.
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities and continued client-relevance. 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. “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 FY 23 revenue guidance to 14%-16%”, he added.
“We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations”, said Nilanjan Roy, Chief Financial Officer. “Continued high focus on cash led to strong FCF to net profit conversion at 95.2% and improvement in ROE to 31.0%”, he added