The IT major’s overall revenue from operations increased to 37,933 crores in the fiscal quarter ended June from 34,470 crores in the previous quarter. Up 1.3% sequentially from 37,441 crores in Q4FY23.
Infosys, India’s second biggest IT services business, presented its financial results for the first quarter of FY24 today, showing an 11% increase in net profit to 5,945 crore, up from 5,360 crore the previous year. In response to an increasingly tough market environment, the IT Major reduced its FY24 revenue outlook to 1-3.5 percent from 4-7 percent.
Stay tuned to our Infosys Q1 results live blog for the most recent details on the country’s second-largest software services exporter’s Q1FY23 profits.
LIVE: Nifty IT, Infosys shares in focus tomorrow following mixed June quarter results
After mixed June quarter results, the Nifty IT index and Infosys shares will be under focus tomorrow. In the pre-market session on the NYSE, Infosys ADRs plummeted 9%.
LIVE: Infosys Q1 results: ADRs slump 9% in pre-market trading on the NYSE
The market appears to have been disappointed by Infosys’ dramatic downward adjustment of its FY24 revenue outlook, as the company’s American Depositary Receipts (ADR) experienced large losses in the pre-market session on the New York Stock Exchange (NYSE). In the pre-market session on the NYSE, Infosys ADR plummeted over 9% to $16.20.
Infosys Q1 results LIVE: Client geography
Europe’s revenue increased by 10.9 percent year on year, followed by India (up 9.3 percent). Revenue in North America increased by 2.3% year on year, while revenue in the rest of the world’ decreased by 4.5% year on year.
Infosys Q1 results LIVE: Client data
During Q1FY24, the firm added 99 clients, compared to 106 in the same quarter last year and 115 in the previous quarter (Q4FY23). Overall, it has 1,883 active clients as of June 30, 2023, up from 1,778 on June 30, 2022, and 1,872 on March 31, 2023.
Infosys Q1 results LIVE: Segment performance
Financial services, Infosys’s largest sector, saw sales fall 4.7% year on year. The communication industry reported a 6.1% reduction in sales. Manufacturing revenue increased by 21.3 percent year on year, while life sciences revenue increased by 14.9 percent year on year. Revenue in the ‘others’ division increased by 28% year on year. Retail (increased 4% year on year) and hi-tech (up 2.5% year on year) grew slowly in Q1FY24.
