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News » Infosys’ consolidated revenue up 20.2% y-o-y in December quarter

Infosys’ consolidated revenue up 20.2% y-o-y in December quarter

BENGALURU, INDIA — IT giant Infosys reported a 20.2% year-on-year (y-o-y) rise in consolidated revenue for the quarter ending December 2022 to Rs38,318 crore (US$4.71 billion).

Meanwhile, its consolidated net profit rose 13.4% YoY to Rs6,586 crore (US$807.3 million).

“Our revenue growth was strong in the quarter, with both digital business and core services growing,” said Infosys CEO and MD Salil Parekh.

Despite the quarter being a seasonally weak one for the sector, Infosys won deals worth US$3.3 billion, the strongest in the last eight quarters.

“As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients,” Parekh added.

Infosys Chief Financial Officer Nilanjan Roy also stated that their operating margins remained “resilient” due to cost optimization benefits which offset the impact of seasonal weakness in operational parameters.

The company’s constant currency (CC) revenue growth rose by 13.7% y-o-y, allowing it to raise its CC revenue growth guidance for the current financial year from 15-16% to 16-16.5% for FY23.

However, Infosys retained its operating margin guidance for FY23 at 21-22%.

As for Infosys’ workforce, Roy said that their attrition rate “reduced meaningfully during the quarter and is expected to decline further in the near term.”

The attrition rate for Infosys dipped to 24.3% y-o-y and 27.1% quarter-on-quarter.

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