Infosys Q2 Results FY2023, Revenue up by 23.4%

On 13th October 2022, Infosys announced its quarterly results for the second quarter of FY2023.

Q2FY23 Performance updates:

- The Revenues in constant currency terms grew by 18.8% YoY and 4.0% QoQ 
- The company reported revenues at Rs. 36,538 crores, with a growth of 23.4% YoY 
- The Digital revenues were 61.8% of total revenues, with a constant currency growth of 31.2% 
- Operating margin stood at 21.5%, with a decline of 2.1% YoY and an increase of 1.4% QoQ 
- Basic EPS at Rs. 14.35, growth of 11.5% YoY 
-  The PBT was reported at Rs. 8391 crores, with a growth of 12.66% YoY
- The company reported a Net profit of Rs. 6026 crores, with a growth of 11.01% YoY
- The Free cash flow was at Rs. 4,752 crores, with a drop of 9.9% YoY; Free cash flow conversion was at 78.9% of net profit
- The Board announced the Buyback of Equity Shares, from the open market route through the Indian stock exchanges, amounting to ₹9,300 crores (Maximum Buyback Size, excluding buyback tax) at a price not exceeding ₹1,850 per share (Maximum Buyback Price), subject to shareholders' approval and an Interim dividend of ₹16.50 per share vs. FY 22 interim dividend of ₹15.

Key deals won:

- Currys plc entered into a strategic collaboration with Infosys for technology and business process services, to help accelerate the profitable growth of their business across the key UK and European markets.
- Infosys Cyber Next platform and Palo Alto Networks strengthened Bpost’s security posture as part of the cloud transformation journey.
- Spirit AeroSystems entered into a five-year collaboration with Infosys to co-innovate Aerostructure and Systems Engineering Services by leveraging Infosys’ next-gen technologies.
- Infosys collaborated with Telenor Norway to accelerate its IT modernization and establish Telenor as a product-based organization through a co-managed model. 

Commenting on the results, Salil Parekh, MD, and CEO of Infosys said: “Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation. While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15%-16% for FY 23.”
 

On Friday, the Infosys share price went up by 3.83%