Infosys Q2 Results FY2024, Net profit at Rs. 6215 crores

On 12th October 2023, Infosys announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 38,994 crore, up by 6.72% YoY. Revenues in CC terms grew by 2.5% YoY and 2.3% QoQ
- Profit before tax for the quarter ended September 30, 2023 was Rs.8768 crores, up by 4.49% YoY. 
- Profit after tax for the quarter ended September 30, 2023 was Rs.6215 crores, up by 3.14% YoY.
-  Large deal TCV for the quarter was $7.7 billion, with net new of 48%.
- Attrition declined further to 14.6%.

Segment Highlights:

- Industry segment growth was led by  Energy, Resources and Utilities vertical which grew 12.7%, Manufacturing which grew 14.3% and Life Sciences which grew 7.8%. Retail grew 15.2%, Financial Services  grew by 27.5%, Communications grew by 11.4%, Hi-Tech grew by 7.8% and Others by 3.3%
- Among major markets, North America grew 61.1% and Europe grew 26.5%. Rest of the World grew 9.6% and India grew 2.8%. 

Key Deals Won:

- Infosys extended its partnership with Liberty Global to assist in the evolution and scaling of Liberty Global's digital entertainment and connectivity platforms using Infosys Topaz.
- Infosys teamed with Microsoft to accelerate and democratize the deployment of generative AI throughout the industry.
- Infosys announced a multi-year strategic partnership with STARK Group to foster technical breakthroughs and provide seamless services to STARK Group operations across Europe using Infosys Topaz.
- Infosys recently introduced the Infosys Cobalt Airline Cloud (ICAC), a first-of-its-kind industrial cloud platform aimed to help commercial airlines accelerate their digital transformation path.

Commenting on the results,  Salil Parekh, CEO and MD, Infosys said: “We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale. Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share."