• 3,000 firms
  • Independent
  • Trusted
Save up to 70% on staff

News » Infosys Q3 profit falls 7% to $737Mn 

Infosys Q3 profit falls 7% to $737Mn 

Infosys Q3 profit falls

BENGALURU, INDIA — Digital services and consulting firm Infosys reported a 7% year-on-year decline in consolidated net profit at Rs 6,106 crore (US$737 million) for the third quarter ended December 31, 2023. Revenue rose 1.3% to Rs 38,821 crore (US$4.69 billion).

In constant currency terms, revenue fell 1% while operating margin declined to 20.5% from 21.5% a year ago.

Because of these results, Infosys revised its FY2024 revenue growth guidance to 1.5-2% in constant currency from 1-2.5% earlier. Its operating margin forecast was retained at 20-22%.

“Our performance in Q3 was resilient. Large deal wins reflect the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation,” said CEO Salil Parekh.

The IT major bagged $3.2 billion worth of large deals during the December quarter — including an AI deal with Google Cloud and car parts distributor LKQ Europe.

Among verticals, growth remained uneven. Financial services and communication segments saw revenue declining 6% and 8%, respectively, in constant currency terms. However, retail and manufacturing posted modest growth.

North America, which accounts for 59% of the firm’s revenue, declined 4.9% in constant currency, while Europe saw a 5% growth. 

Still, the company reported steady cash generation, with free cash flow up 17% to Rs 5,548 crore. The cash conversion to net profit was healthy at 90.6%.

Meanwhile, employee attrition eased further to 12.9% from 14.6% in the previous quarter, bringing the firm’s total headcount to 322,000.

Infosys is ranked 8th in the 2023 Time Doctor OA500, an objective index of the world’s top 500 outsourcing companies. The 2024 edition of the OA500 will be released next month.

Read more here.

Start your
journey today

  • Independent
  • Free
  • Transparent

About OA

Outsource Accelerator is the trusted source of independent information, advisory and expert implementation of Business Process Outsourcing (BPO)

The #1 outsourcing authority

Outsource Accelerator offers the world’s leading aggregator marketplace for outsourcing. It specifically provides the conduit between Philippines outsourcing suppliers and the businesses – clients – across the globe.

The Outsource Accelerator website has over 5,000 articles, 450+ podcast episodes, and a comprehensive directory with 4000+ BPO companies… all designed to make it easier for clients to learn about – and engage with – outsourcing.

About Derek Gallimore

Derek Gallimore has been in business for 20 years, outsourcing for over eight years, and has been living in Manila (the heart of global outsourcing) since 2014. Derek is the founder and CEO of Outsource Accelerator, and is regarded as a leading expert on all things outsourcing.

“Excellent service for outsourcing advice and expertise for my business.”

Learn more
Banner Image
Get 3 Free Quotes Verified Outsourcing Suppliers
3,000 firms.Just 2 minutes to complete.
SAVE UP TO
70% ON STAFF COSTS
Learn more

Connect with over 3,000 outsourcing services providers.

Banner Image

Transform your business with skilled offshore talent.

  • 3,000 firms
  • Simple
  • Transparent
Banner Image