The consolidated net profit of Infosys Ltd for the fourth quarter of the fiscal year 2022-23 increased 7.8 percent to Rs 6,128 crore, which was less than anticipated due to a market decline caused by volatility in the US banking sector.
The business provided this information. Due to delayed customer decisions and unanticipated project changes, the company missed its revenue projections for FY2022-23, as detailed in its most recent reports. In a climate of global macroeconomic volatility, it projected a 4.7 percent increase in revenue for FY 2023-24. The administration has warned that “the environment remains uncertain.”
Due to delayed client choices and project revisions, the company’s latest results disappoint.
The company’s most recent revenue forecast for FY 2018-19 was in the single digits. The net profit of the second-largest software services provider in India increased by 7.8% year-over-year to Rs 6,128 crore in the January-March quarter. However, the profit decreased by seven percent compared to the previous quarter (October-December 2022).
During the January-March period of the fiscal year 2021-22, the company earned a net profit of Rs 5,686 crore. The quarterly financial results of the company fell short of expectations.
In the January-March quarter, India’s largest IT services provider, TCS, reported a 14.8% increase in net profit to Rs 11,392 crore. During the period under consideration, Infosys’s consolidated revenue increased by 16% to Rs 37,441 crore.
Salil Parekh, the Chief Executive Officer (CEO) and Managing Director of Infosys stated in a statement that the company is observing a significant trend among its consumers toward efficiency and cost improvement, and integration. There are so many transactions in the pipeline.
The board has proposed a final dividend of Rs 17.50 per share of common stock for the fiscal year 2022-23. For the fiscal year 2022-23, the company’s net income increased by nine percent to Rs 24,095 crore. Additionally, the revenue increased by 20.7% to Rs 1,46,780 crore. At the end of the March quarter, Fosis had 3,43,234 employees, which is 3,611 fewer than the previous quarter.