Infosys Q1 Results FY2024, Profit at Rs. 5,945 crores

On 20th July 2023, Infosys announced its quarterly results for the last quarter of FY2023.

Infosys Financial Highlights:

- The company reported the revenue from operations at Rs.37,933 crores in Q1FY24.
- Profit before tax was reported at Rs. 8362 crores.
- Infosys reported a net profit at Rs. 5,945 crores.

Infosys Business Highlights:

- Financial services reported a revenue growth at 28.1% in Q1FY24.
- Retail segment reported a revenue growth at 14.5% in Q1FY24
- Communication segment reported revenue growth at 11.7% in Q1FY24
- Energy, Utilities, Resources and Services in Q1FY24 reported a revenue growth at 12.9
- Manufacturing segment reported revenue growth at 14.1%
- Hi-tech, Lifesciences and all other segments reported a revenue growth at 8.1%, 7.2% and 3.4% respectively.
- In international markets, North America, Europe, Rest of the world and India reported a revenue growth at 60.8%, 26.8%, 9.7% and 2.7% respectively.

Key Deals Won:

- A strategic partnership agreement between Danske Bank and Infosys was recently signed in order to swiftly and significantly advance the bank's digital transformation initiatives.
- In order to express their desire for Infosys to serve as their main partner for end-to-end application services, bp and Infosys recently signed an MoU.
- A Memorandum of Understanding (MoU) was signed by Infosys and Aramco to use artificial intelligence (AI) technologies to improve employee experience, scale the use of automation tools, and bring new insights to HR data and analytics.
- Walmart Commerce Technologies and Infosys worked together to provide scalable omni-channel solutions to retailers.

Commenting on the results, Salil Parekh, CEO and MD of Infosys said: We had a solid Q1 with a growth of 4.2% and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio. We have expanded the margin improvement program with a holistic set of actions for the short, medium and long-term, working on five key areas, supported by our leadership team.”