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Infosys Q1 Results: The country’s second largest IT company Infosys has declared the results for the first quarter of the financial year 2023-24. There has been an 11 percent jump in the profit of Infosys in the first quarter and it has been Rs 5945 crore, which was Rs 5362 crore in the same quarter last year. While the company’s revenue has increased by 10 percent to Rs 37,933 crore, compared to Rs 34,470 crore in the same quarter of the previous financial year. However, the company has maintained its operating margin guidance of 20 to 22 per cent for 2023-24.
These results of Infosys are pointing towards the challenges facing the IT sector in view of the global economic crisis. Infosys has cut its revenue guidance for the current financial year. Infosys has reduced its revenue guidance from 4-7 per cent to 1-3.5 per cent. It is clear from these results that the global slowdown has affected the results of Infosys.
On this result, Infosys CEO Salil Parikh said that in the first quarter, we have shown a growth of 4.2 percent, which is excellent. While securing large deals worth $2.3 billion has helped strengthen future growth. He told that the company is expanding into artificial intelligence with 80 client projects. He told that clients are closing or reducing spending in financial services, mortgages, hi-tech, retail and telecom sectors. There is a delay in signing the deals. Due to this, the company has reduced the revenue guidance.
Infosys’ attrition rate has come down and stood at 17.2 per cent this quarter. According to the regulatory filing, there has been a decrease in the headcount of Infosys i.e. the number of employees by 6940 in the first quarter. The total headcount was 3,43,234 on March 31, 2023, which has come down to 3,36,294.
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