Infosys's Q3 net profit falls 7% YoY to Rs. 6,106cr
Infosys, India's second-largest IT services company, saw a 7.3% year-on-year (YoY) decline in net profit for the third quarter of FY24, amounting to Rs. 6,106 crore. This is a decrease from Rs. 6,586 crore reported in the same quarter the previous year. Consolidated revenue growth remained stagnant at Rs. 38,821 crore, representing a marginal 1.3% increase over Rs. 38,318 crore in the corresponding quarter of the previous year.
Infosys narrows revenue growth guidance for FY24
The Bengaluru-based tech giant has adjusted its revenue growth guidance for the full year. Now, it expects to grow at 1.5-2% in fiscal 2024, as against 1-2.5% estimated at the end of the second quarter. That figure was pegged at 1-3.5% at the end of the first quarter. It still aims to achieve an operational profitability of 20-22% in FY24. On Thursday, Infosys shares fell 1.62% to Rs. 1,495 apiece on the BSE.
Third quarter of IT sector remains typically weak
The company's performance is shaped by its involvement in various tech sectors. They include artificial intelligence (AI), 5G, Hyperconnectivity, High Performance Computing, Quantum Technology, Virtual Reality, IoT, and Smart Devices - all of which heavily depend on semiconductors. The third quarter is generally a weak period for IT firms due to a shortage of work and fewer working days impacting their performance.
