Infosys Q4 Results Review - Unplanned Ramp Down Impacts Growth: ICICI Direct

ICICI Direct Report

Infosys Ltd. reported weak numbers on the revenue front as its revenue during the quarter declined 3.2% QoQ and grew 8.8% YoY in constant currency terms. In dollar terms, revenue was down 2.3% QoQ and up 6.4% YoY to $4,554 million while in rupee terms it reported revenue of Rs 37,441 crore, down 2.3% QoQ and 16% YoY.

Digital revenues (62.9% of mix) declined 2.3% QoQ to $2,864 million while core revenues (37.1% of revenue mix) declined 2.3% QoQ also. In CC terms, digital revenue grew 15% YoY while core revenue declined 0.2%.

Geography wise (in CC terms YoY), North America (61% of mix) reported single digit growth of 6% while Europe (27% of mix) reported growth of 20.3%.

Vertical wise (in CC terms YoY), financial services vertical (28.9% of mix) reported growth of just 0.4% due to unexpected ramp down in pockets of mortgage, investment banking and asset management.

Infosys also mentioned that its total exposure to regional banks is less than 2% of overall revenue of the company. Manufacturing vertical grew 26.5% while energy and utilities, life sciences, retail, hitech and communications reported growth of 17.1%, 15.7%, 12.6%, 3.7% & 0.3%, respectively.

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More Research Reports On Infosys Q4FY23 Results Review

• Big Miss, Muted Guidance; Would Lead To De-Rating: Dolat Capital

• Weak Performance To Impact FY24 Topline Delivery: Motilal Oswal

• Challenging Macros To Impact Near Term Growth: IDBI Capital

• Large Discretionary IT Spend Exposure Leading To Revenue Drawdown: ICICI Securities

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