However, the company recorded a 17.90% yoy jump in revenue at Rs21,529 crore.
Company stated that the decline in net profit was due to increased investment and elevated employee costs, as well as a higher base in the previous year on account of a one-time settlement.
Despite macroeconomic headwinds, India’s fourth largest software services firm expects revenue to grow 3-5% sequentially, or between $2.82 billion and $2.87 billion, in the current July-September quarter, exceeding analysts’ expectations of 2.5-4.5%.
Operating margins fell 200 basis points sequentially to 15% due to wage increases and currency headwinds, as compared to 18.80% in the same quarter last year.
Revenue in the IT services segment was $2.74 billion, up 13.3% yoy and in line with expectations. In constant currency, the company grew by 2.1%, in line with the 1-3% sequential revenue growth it predicted for April-June.
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