Press "Enter" to skip to content

Infosys misses profit estimates in Q1 but raises FY23 revenue guidance | Mint – Mint

IT-giant, Infosys registered a single-digit 3.2% growth in consolidated net profit to 5,360 crore for the quarter ending June 30, 2022 (Q1FY23) compared to a profit of 5,195 crore in the same period last year. Q1 PAT declined by 5.7%  from 5,686 crore of the preceding quarter. 

Infosys delivered a robust performance in Q1 with year-on-year growth at 21.4% and sequential growth at 5.5% in constant currency. Year on year growth was in double digits across all business segments in constant currency terms. Digital accounted for 61.0% of overall revenues, growing at 37.5% in constant currency. Net hiring was strong at 21,171. Operating margin for the quarter was 20.1%, with Free Cash Flow conversion at 95.2% of net profit.

ICICI Direct analysts expected Infosys to report revenue of 34,198 crore in Q1FY23 and net profit of 5,638.5 crore.

For FY22, the company’s PAT jumped by 14.3% yoy to 22,110 crore, and revenue soared 21.1% yoy to 121,641 crore. Infosys delivered $16.3 billion in revenues with the highest annual growth in the last decade of 19.7% in constant currency with a robust operating margin of 23.0%. Growth was broad-based, supported by continued momentum in large deal wins with TCV of $9.5 billion. EPS grew by 15.2% in rupee terms. FCF crossed $3 billion for the year.

For FY23, Infosys has set a revenue growth target of 13%-15% in constant currency. While the operating margin is expected to be at a growth rate of 21%-23%.

Catch all the Corporate news and Updates on Live Mint.
Download The Mint News App to get Daily Market Updates & Live Business News.


Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.