Infosys reports robust Q1 results, raises FY23 revenue outlook
Bengaluru, July 24, 2022
Digital services and consulting major Infosys today reported a robust year-on-year (YoY) growth of 21.4 per cent and sequential growth of 5.5 per cent in constant currency.
Announcing its financial results for the first quarter (Q1), ended June 30, of financial year 2022-23, the company said year-on-year growth was in double digits across all business segments in constant currency terms.
A press release from the company said Digital accounted for 61.0% of overall revenues, growing at 37.5% in constant currency. Net hiring was strong at 21,171. Operating margin for the quarter was 20.1%, with Free Cash Flow conversion at 95.2% of net profit.
The IT giant reported a consolidated net profit of Rs 5,360 crore for the quarter ended June 30, up 3.2 per cent from Rs 5,195 crore reported in the corresponding quarter of the previous year.
Infosys' consolidated revenue stood at Rs 34,470 crore, up 23.6 per cent from Rs 27,896 crore reported in the year-ago period.
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our onnate resilience as an organization, our industry-leading digital capabilities and continued client-relevance," Infosys CEO and MD Salil Parekh said.
"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%-16%,” he added.