Infosys Ltd. has revised its growth expectations for the fiscal ending March 31, 2024, even as revenue declined in the October-December quarter.
Revenue of India's second largest IT services company fell 0.44% over the previous three months to Rs 38,821 crore in the quarter ended Dec. 31, 2023, according to an exchange filing on Thursday. That compares with the Rs 38,318 crore estimate of analysts tracked by Bloomberg.
Infosys Q3 Results: Key Highlights (QoQ)
Revenue down 0.44% to Rs 38,821 crore (Estimate: Rs 38,318 crore).
EBIT down 3.78% at Rs 7,961 crore (Estimate: Rs 7,929.5 crore).
EBIT margin at 20.50% vs 21.21% in Q2 (Estimate: 20.50%).
Net profit down 1.64% at Rs 6,113 crore (Estimate: Rs 6,628 crore).
The Bengaluru-based company expects to grow at 1.5-2% in fiscal 2024, as against 1-2.5% estimated at the end of the September quarter. That figure was pegged at 1-3.5% at the end of the June quarter. It still aims to achieve an operational profitability of 20-22% in FY24.
On Thursday, Infosys shares fell 1.62% to Rs 1,495 apiece on the BSE, even as the benchmark Sensex ended the day 0.09% higher at 71,721.18 points. The quarterly results were declared after market hours.
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