“Infosys Delivers Strong Q1FY24 Performance with ₹5,945 Crore Net Profit, Yet Adjusts Full Year Growth Outlook Amidst Economic Uncertainties”
Infosys, the leading IT services firm, recorded an 11% rise in consolidated net profit in the June quarter, reaching ₹5,945 crore. However, due to prevailing macro uncertainties, the company has revised its full year growth outlook to 1-3.5% from the previous 4-7% projection.
On Thursday, Infosys, a prominent player in the IT services sector, disclosed an impressive 11% year-on-year increase in its consolidated net profit for the June quarter, amounting to ₹5,945 crore. Comparatively, during the same period the previous year, the net profit (before minority interest) was ₹5,362 crore.
The company also witnessed a notable revenue growth of 10% during the quarter, with revenues reaching ₹37,933 crore, up from ₹34,470 crore in the corresponding period last year.
However, amidst the prevailing macro uncertainties and potential challenges in the market, Infosys has opted to exercise caution, revising its revenue guidance for the full year. The company has lowered its projected growth in constant currency from 4-7% to a more conservative 1-3.5%.
The adjustment in the growth outlook reflects the company’s proactive approach to navigating uncertainties and maintaining a balanced trajectory amidst changing market dynamics. Despite the revision, Infosys continues to maintain a strong position in the IT services industry, leveraging its expertise and capabilities to drive growth and cater to the evolving needs of its clientele.
The impressive Q1FY24 results highlight Infosys’ resilience and adaptability, showcasing its commitment to delivering value to stakeholders and sustaining its position as a key player in the ever-evolving technology landscape.
Sources By Agencies
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