Infosys net profit up 3.17% in first fiscal quarter
India’s second-largest IT provider Infosys reported a consolidated net profit of Rs 5,360 crore for the first fiscal quarter of FY2023, up 3.17% year-on-year.
Additionally, the company’s consolidated revenue stood at Rs 34,470 crore, up 23.6%. However, the firm’s profit declined by 5.7% against March 2022’s Rs 5,686 crore.
In a statement, Infosys said that their y-o-y growth was in double digits across all business segments in constant currency terms. Digital accounted for 61% of overall revenues, growing at 37.5% in constant currency.
At the same time, Infosys’ net hiring remains strong at 21,171.
Infosys CEO and MD Salil Parekh said, “Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities, and continued client-relevance. We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition.”
“We are investing in rapid talent expansion while ensuring rewarding careers for our employees to better serve evolving market opportunities. This has resulted in a strong performance in Q1 and increase in FY 23 revenue guidance to 14 per cent-16 per cent,” he said.
Infosys shares closed 1.73% down at Rs 1,506.30 on the BSE on Friday.