Infosys stock jumps ~2% on better than expected Q3FY23 results

13 Jan 2023 , 12:58 PM

Infosys Ltd, India’s second largest IT company, announced its earnings for the third quarter ended December 2022 for the current fiscal year, or Q3FY23, on Thursday, after market hours. Its net profit was higher than expected at Rs 6,586 crore, while revenue guidance for FY23 was raised. 

On the BSE, Infosys shares closed nearly 1% higher at Rs1,482 apiece, ahead of the company’s Q3 results announcement.

CEO Salil Parekh stated that the third quarter saw ‘exceptionally strong growth,’ but acknowledged that signs point to a slowing global economy.

Infosys’ strong execution positions it to gain market share, while strong deal bookings and consistent execution provide comfort in an uncertain macro environment, said Jefferies in a statement.

Following this development, Infosys’ counter was trading 1.78% higher at Rs1,507.55 per piece, against the previous close of Rs1,480.60 on NSE. So far in the day, the counter hit an intraday high and low of Rs1,508.70 and Rs1,468 respectively.

For feedback and suggestions, write to us at [e-mail]