Infosys Q1 FY2023 net profit grows by 3% to Rs 53.6bn ($689m)

Infosys Q1 FY2023 results : Indian IT giant Infosys has reported a net profit of INR 5,360 crores ($689 million) for the first quarter of the fiscal year 2023 (Q1 FY2023) that ended 30 June 2022, an increase of 3.2%, compared to INR 5,195 crores ($704 million) in Q1 FY2022.

In the fourth quarter of FY2022, the company made INR 5,686 crores in net profit.

The diluted earnings per share (EPS) for Infosys in Q1 FY2023 was INR 12.76, an increase of 4.5% compared to INR 12.21 in the same quarter of the previous fiscal year.

Infosys earned revenues of INR 34,470 crores ($4.4 billion) in the reported quarter, which is a 23.5% increase compared to INR 27,896 crores ($3.8 billion) in Q1 FY2022.

In Q4 FY2022, Infosys’ revenues were INR 32,276 crores.

Infosys Q1 FY2023 results. Photo courtesy of Infosys.

Commenting on Infosys Q1 FY2023 results, Salil Parekh — Infosys CEO and MD said: “Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities and continued client-relevance.

“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%.”

Recently, Infosys signed a deal worth up to €110 million to acquire Denmark-based BASE life science.