Infosys Q1 FY2024 results : Indian IT giant reports 11% increase in net profit to Rs 5,945cr

Infosys Q1 FY2024 results : Indian IT services provider Infosys has reported a net profit of INR 5,945 crores for the first quarter of the fiscal year 2024 (Q1 FY2024) that ended 30 June 2023, which is an increase of 10.9%, compared to INR 5,362 crores in Q1 FY2023.

In the fourth quarter of FY2023, the company made INR 6,134 crores in net profit.

The diluted earnings per share (EPS) for Infosys in Q1 FY2024 was INR 14.35, an increase of 12.5% year-over-year (YoY) compared to INR 12.76 in the same quarter of the previous fiscal year.

Infosys Q1 FY2024 revenues were INR 37,933 crores in the reported quarter, which is a 10% increase compared to INR 34,470 crores in Q1 FY2023. In Q4 FY2023, Infosys’ revenues were INR 37,441 crores.

The Q1 FY2024 report further highlights that Infosys’ large deal total contract value (TCV) for the quarter was at $2.3 billion, with net new accounting for 56.1% of it. The operating margin for the quarter remained stable at 20.8%, while the return on equity (ROE) saw a notable improvement of 180 basis points to 32.8%.

Infosys has also seen a decline in attrition, which now stands at 17.3%. The revenue guidance for FY24 has been revised to 1.0%-3.5% and operating margin guidance retained at 20%-22%.

Commenting on Infosys Q1 FY2024 results, Salil Parekh — Infosys CEO and MD said: “We had a solid Q1 with a growth of 4.2% and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects.

“Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio.

“We have expanded the margin improvement program with a holistic set of actions for the short, medium and long-term, working on five key areas, supported by our leadership team.”