Infosys announces salary hikes from November 1
BENGALURU, INDIA — Global IT consulting firm Infosys will roll out salary hikes for all employees starting November 1.
The announcement came during the company’s post-earnings press conference held on Thursday, October 12, following its Q2 results for the fiscal year 2023-24.
However, Infosys will not conduct campus hiring this year as it has a significant number of newly hired graduates who need to be trained.
“Last year, we hired 50,000 freshers and hired ahead of demand…we still have a significant fresher bench… we are, of course, training them on Gen AI etc, but we still have way to go on utilization, and at the moment are not going to campuses as yet…we will monitor this every quarter looking at our future projections,” said Infosys CFO Nilanjan Roy.
Despite the uncertain macro-environment, which has seen a decline in discretionary projects, Infosys reported a 3.17% increase in its consolidated net profit for Q2FY24, reaching ₹6,212 crore (US$746 million).
The company, however, has adjusted its revenue guidance for the fiscal year to 1-2.5%.
According to Roy, Q2 results demonstrate early benefits from the margin improvement plan, reflecting Infosys’ ability to drive efficiencies.
Infosys shareholders were also informed of an interim dividend of ₹18 (US$0.22) per equity share, with the record date set for October 25.
