Infosys Q3: Net profit surges 13% to Rs 6,586 crore, beats estimates; deal wins at $3.3 bn
Published On: Thursday, January 12, 2023 | By: Team KnowMyStock
India's second top IT company Infosys Ltd announced its earnings for the third quarter ended December 2022 for the current fiscal or Q3 FY23 on Thursday, after market hours. It reported a 13.4 percent rise in its consolidated net profit for the quarter that ended December 2022 at Rs 6,586 crore. The Company reported a net profit of Rs 5,809 crore in the same quarter last year. Its consolidated revenue from operations increased 20.2 percent to Rs 38,318 crore against Rs 31,867 crore in the corresponding quarter last year, Infosys said in an exchange filing. The reported numbers beat estimates. According to a poll of brokerages, consolidated revenue was expected to come in at Rs 37,613 crore, up 18 percent year-on-year (YoY) growth. In comparison, consolidated profit after tax (PAT) was estimated to increase 10.5 percent YoY to Rs 6,418 crore.
Revenues in constant currency (CC) terms grew by 13.7% YoY and 2.4% QoQ. The company said that Year on year growth was in double digits for most business segments and geographical regions in constant currency terms
Infosys raised its revenue growth guidance for the year ending March 2023 to 16.0-16.5 percent from 15-16 percent. Attrition at Infosys improved by 280 basis points on a quarter-on-quarter basis to 24.3 percent. “Our revenue growth was strong in the quarter, with both digital business and core services growing. As reflected in the momentum of the large deal, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clients look at consolidating vendors. We remain focused on helping businesses accelerate their digital agenda to uncover new value and growth, as well as improve operational and cost-effectiveness", said Salil Parekh, CEO, and MD
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