Infosys Q4 results: IT major reports 30% YoY growth in profit to Rs 7,969 crore; revenue falls short of expectations

Apr18,2024



Infosys Q4 results: India's second-largest IT services company, Infosys on Thursday reported a consolidated net profit of Rs 7,969 crore for the fourth quarter of financial year 2023-24, a growth of 30% year-on-year.
According to Reuters, the company reported revenue growth of 1.3% year-on-year to 379.23 billion rupees ($4.54 billion) for the January-March quarter, below analysts' expectations of 386.24 billion rupees, according to LSEG . data.report states infosys results The company fell short of expectations during a generally slow period. The lower revenue was due to cautious customers reducing their spending amid uncertain macroeconomic conditions.
Looking to fiscal 2025, Infosys provided a revenue growth forecast of between 1% to 3% in constant currency. Indian IT SectorThe company, valued at $254 billion, has faced challenges in recent quarters as customers have reduced spending on non-essential projects due to inflationary pressures. As a result, companies have had to accept more stringent contract terms to secure larger deals, as well as deal with customers renegotiating, delaying or canceling contracts. This has led to a significant slowdown in industry growth compared to the pandemic-induced boom experienced a few years ago.
A final dividend of Rs 20/- per equity share and an additional special dividend of Rs 8/- per equity share have been recommended for the financial year ending March 31, 2024.
Before the quarterly results, Infosys shares closed the day's trading in the green. Infosys share price It closed at Rs 1,420.55, up 0.41% or Rs 5.80 on the Bombay Stock Exchange.
Last week, Tata Consultancy Services, India's largest IT services company, reported PAT of Rs 12,434 crore for the fourth quarter of the financial year ending March 2024. This is an increase of 9.1% year-on-year.
The company reported revenue of Rs 61,237 crore, a growth of 3.5% year-on-year. According to a TCS press release, the growth was led by India (+37.9%), UK (+6.2%), and manufacturing (+9.7%).



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