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Summary is AI Generated. Newsroom Reviewed
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Infosys Q3 net profit fell nearly 10% to Rs 6,654 crore due to higher labour costs
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Revenue grew 2.2% QoQ to Rs 45,479 crore, slightly beating Bloomberg estimates
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Infosys provisioned Rs 1,289 crore as one-time cost for new government labour codes
Infosys Ltd. joined other Indian IT companies to report a fall in net profit in the third quarter of the current financial year due to higher costs on labour.
Also Read: Labour Codes Hit Q3 IT Profits: Will Infosys, Wipro And Tech Mahindra Also Face The Brunt?
Segmental Performance
Revenue from communications and manufacturing rose over 10% on a year-on-year basis. Financial services jumped nearly 5% and energy, utilities, resources and services by 1%.
On the other hand, income from retail segment fell nearly 4%, Hi-Tech by 2.6% and life sciences by 3.1%
Attrition
Infosys' voluntary attrition rate fell to 12.3% from 14.3% in the previous quarter and 13.7% in the same period last year.
The total employee count rose by 5,043 sequentially to 3,37,034 in the December quarter.
Shares of Infosys closed 0.75% higher at Rs 1,609.9 on the BSE, ahead of the results, compared to a 0.3% decline in the benchmark Sensex. The stock has fallen 17% in the last 12 months.
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