Infosys' net profit up by 3.2% in June quarter

25 Jul 2022 , 08:32 AM

Information technology (IT) company Infosys announced today that its net profit increased by 3.17% to Rs5,360 crore in the June quarter from Rs5,195 crore in the same quarter last year.

In the first quarter, the second-largest IT business in India recorded consolidated sales of Rs34,470 crore, exceeding the analyst forecast of Rs34,150 crore. The revenue increased 23.6% year over year.

Its sales increased by 21.4% YoY and 5.5% QoQ in constant currency terms. The operating margin dropped to 20.1%, a decrease of 3.6% YoY and 1.4% QoQ.

Infosys was able to surpass Street sales projections, while PAT and margins fell short of expectations.

The Bengaluru-based software exporter has maintained its FY23 margin guidance at 21-23% while raising its revenue guidance to 14-16%.
“Due to our organizational resilience, industry-leading digital capabilities, and ongoing client relevance, we had a great overall performance in Q1 despite the uncertain economic climate. Our Cobalt cloud capabilities and unique digital value proposition are driving our continued market share growth and substantial pipeline, “Salil Parekh, CEO, and MD of Infosys said.

Attrition is still a problem for Infosys, as it is for its sector peers, as the attrition rate increased to 28.4% in the June quarter from 27.7% in the March quarter before it.