Revenue rose 20.2 percent YoY to Rs 38,318 crore, surpassing analysts’ expectations of Rs 37,613 crore. Infosys raised FY23 projection to 16-16.5 percent.

Infosys’ constant currency revenue increase was 13.7 percent YoY and 2.4 percent sequential. On January 12, Infosys reported Rs 6,586 crore in consolidated net profit for the quarter ended December 2022, up 13.4%. In the same quarter last year, India’s second-largest IT firm earned Rs 5,809 crore.

Infosys reported in an exchange filing that its consolidated income from operations rose 20.2 percent to Rs 38,318 crore from Rs 31,867 crore in the previous quarter. Estimates were exceeded. Brokerage polls predicted consolidated revenue of Rs 37,613 crore, up 18% YoY. Consolidated profit after tax (PAT) rose 10.5% YoY to Rs 6,418 crore.

Revenue grew 13.7 percent YoY and 2.4 percent sequentially in constant currency. Digital revenue was 62.9 percent of total revenue and rose 21.7 percent in constant currency. Most business segments and geographic regions had double-digit year-on-year increase in constant currency. The IT firm reported a $3.3 billion total contract value for the quarter, the most in eight quarters. The company’s operating margin fell to 21.5 percent from 23.5 percent a year earlier. Sequentially flat.

“Cost efficiency benefits offset seasonal weakness in operating metrics,” stated Infosys CFO Nilanjan Roy. “Attrition decreased considerably throughout the quarter and is likely to diminish further.” IT services’ 12-month voluntary attrition rate dropped to 24.3 percent. It was 27.1 percent last quarter and 25.5 percent last year.

Infosys raised FY23 projection to 16-16.5 percent. It maintained 21-22 percent FY23 operating margin guidance. “”Our revenue growth was solid in the quarter, with both digital business and core services rising,” stated Infosys CEO and MD Salil Parekh.

As shown by the huge deal’s progress, we continue to increase market share as our clients’ trusted transformation and operational partner. Clients consolidating vendors choose our end-to-end capabilities and global size.”

Company informed that during its ongoing buyback program via the open market route, it has repurchased 31.3 million shares worth Rs 4,790 crore or 51.5 percent of the total authorisation of Rs 9,300 crore at an average price of approx. Rs 1,531 per share compared to the maximum Buyback Price of Rs 1,850 per share.