Infosys Q3 Results: Net Profit Skids 7 Per Cent To Rs 6,106 Crore

Infosys saw its headcount shrink by 6,101 for the quarter ending December 31, making it the fourth consecutive quarter in which the company ended with fewer employees

India's second-largest IT services company Infosys on Thursday clocked a 7.3 per cent decline in its consolidated net profit at Rs 6,106 crore in the third quarter (Q3) of the current financial year. Infosys had logged a net profit (attributable to shareholders) of Rs 6,586 crore during the same period a year ago, the company said in a regulatory filing on Thursday.

Consolidated revenue from operations of the company increased marginally by 1.3 per cent to Rs 38,821 crore during the quarter under review from Rs 38,318 crore in the year-ago period.

Infosys revised its revenue growth guidance for the ongoing financial year to 1.5-2 per cent from 1-2.5 per cent estimated earlier. This comes after it slashed the guidance last quarter to 1-2.5 per cent from 1-3.5 per cent.

The company also said that its board has approved a proposal to acquire a Bengaluru-based semiconductor design service provider InSemi for about Rs 280 crore.

The attrition of the company improved to 12.9 per cent from 14.6 per cent. 

"Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71 per cent 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, chief executive officer and managing director at Infosys.
 
The company's earnings per share (EPS) also declined 6.1 per cent to Rs 14.76.  

The acquisition of InSemi by Infosys is expected to close during the fourth quarter of FY24, subject to customary closing conditions, the filing said. The acquisition is expected to close during the fourth quarter the current financial year.  

Infosys saw its headcount shrink by 6,101 for the quarter ending December 31, making it the fourth consecutive quarter in which the company ended with fewer employees. The company ended the December quarter with 322,663 employees.

Infosys stock closed at Rs 1,495.00 apiece, down 1.62 per cent, on the BSE on Thursday.