Infosys on Thursday, January 11, reported a consolidated profit after tax (PAT) or net profit of Rs 6,106 crore for the quarter ended December 31, 2023.
India’s second-largest IT services company, Infosys Ltd, reported a 7.3 percent year-on-year (YoY) decline in net profit at Rs 6,106 crore in the third quarter of FY24.
The third quarter (Q3) is typically challenging for IT companies due to the negative effects of furloughs and a reduced number of working days.
“Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71% of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital, and cloud to cost, efficiency, and automation,” said Salil Parekh, CEO and MD.
“Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses,” Parekh added.
The company has also maintained its EBIT margin guidance for the financial year 2024 between 20% and 22%.
In a regulatory filing on January 11, the Bengaluru-based company stated that on a sequential basis, there was a 1.7 percent decline in the company’s bottom line.
Consolidated revenue for the quarter came in at Rs 38,821 crore, up 1.3 percent. Revenues for the quarter were above analyst estimates of Rs 38,630 crore.
