BBN Bureau
BENGALURU/July 24-2022: Infosys Ltd, the country’s second largest IT services provider, reported a consolidated net profit of Rs5,360 crore for the first quarter (Q1) of the current financial year (FY23) compared with Rs5195 crore the company posted a year earlier, representing a 3.2 per cent growth year-on-year (YoY).
Sequentially, the profit declined 5.7 per cent in the said quarter as against a profit of Rs5,686 crore in Q4FY22.
Infosys’ consolidated revenue stood at Rs34,470 crore, up 23.6 per cent compared with Rs 27,896 crore the IT major achieved during the same quarter of the previous fiscal year.
On a quarter-on-quarter (QoQ) basis, revenues were up 6.8 per cent from Rs32,276 crore the company registered during the last quarter of FY22.
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities and continued client-relevance as we continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition”, said Salil Parekh (seen in the picture), CEO and MD of Infosys Ltd.
An official release from Infosys said the revenues in constant currency (CC) witnessed a year-on-year growth of 21.4 per cent while on a sequential basis, the growth in CC revenues was 5.5 per cent.
The company’s revenues from digital businesses that account for 61 per cent of the total revenues of the company grew by 37.5 per cent in constant currency terms.
The growth in revenues was driven by double-digit year-on-year growth achieved across all business verticals in constant currency terms.
Financial services
Financial services continue to be the largest contributor to the company’s top line at 30.6 per cent. However, its contribution dropped by 2.4 per cent on an YoY basis and 0.70 per cent sequentially.
Retail
Retail contributed 14.5 per cent to the total revenues while the contribution from the communication vertical improved 0.80 per cent YoY to 13 per cent. Energy, Utilities, Resources & Services continue to maintain their contribution at 12.4 per cent while the contribution from manufacturing vertical improved 2.40 per cent YoY to 12.1 per cent.
