Picture Credits – Wikimedia
The second largest IT company declared its results for the quarter. It did miss the estimates top line and bottom line. Along with quarterly profit (Y-o-Y) of Rs.6,128 crores, the consolidated revenue for the quarter was Rs.37,441 crore, up by 16% (Y-o-Y)
However when coming to numbers for quarter on quarter (Q-o-Q) revenue has declined by 3.2%. (Revenue for Q3 – Rs.38,318 crore) and net profit has fallen by 7% ( Net Profit for Q3 – Rs.6,586 crore). The company bagged deals worth $2.1 Billion in the March quarter. The total deals clocked by the company were worth $9.8 Billion for the year.
“As the environment has changed, we see strong interest from our clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline,” said Salil Parekh, Infosys MD and CEO
“We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients,” Parekh further commented.
Meanwhile, in Infosys attrition continues to occur for the third consecutive quarter. For period from January – March 2023 Infosys saw 3,611 reduction in number of employees. The total strength of the company has reduced to 3,43,234 with attrition rate of 20.9%.
“Will see how attrition plays out…We will make sure we moderate our hiring based on the demand environment.”, said Salil Parekh, Infosys CEO.
Infosys has announced final dividend of Rs.17.50 per equity share for the year. The dividend payment date is set on 3rd July 2023. “The 42nd Annual General Meeting of the members of the Company will be held on Wednesday, June 28, 2023. The record date for the purposes of the Annual General Meeting and payment of final dividend is June 2, 2023. The dividend will be paid on July 3, 2023,” said Infosys in a stock exchange filing.
Infosys share price closed at Rs. 1,383.40, down by 3.14%. At Rs.17.50 per equity share, dividend yield is 2.34%.
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