- April 18, 2024
Infosys Q4 results: IT major reports 30% YoY growth in profit to Rs 7,969 crore; revenue falls short of expectations – Times of India
Infosys Q4 results: India’s second largest IT services company, Infosys, on Thursday reported a consolidated net profit at Rs 7,969 crore, a growth of 30% year-on-year, for the fourth quarter of the financial year 2023-24.
According to Reuters, the company reported revenue growth of 1.3% year-on-year, amounting to 379.23 billion rupees ($4.54 billion) for the January-March quarter, which was lower than the analysts’ expectation of 386.24 billion rupees, according to LSEG data.The report said that Infosys results fell short of expectations during a typically slow period for the company. The lower revenue was attributed to cautious clients reducing their spending amidst uncertain macroeconomic conditions.
Looking ahead to fiscal year 2025, Infosys provided a revenue growth forecast ranging between 1% and 3% in constant currency. The Indian IT sector, valued at $254 billion, has been facing challenges in recent quarters as clients 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 large deals while also dealing with clients renegotiating, delaying, or cancelling contracts. This has led to a significant slowdown in the industry’s growth compared to the pandemic-driven boom experienced a few years ago.
A final dividend of Rs 20/- per equity share for the financial year ended March 31,2024 and additionally a special dividend of Rs 8/- per equity share has been recommended.
Ahead of the quarterly results, Infosys shares closed the trading day in green. Infosys share price stood at Rs 1,420.55 at closing, up 0.41% or Rs 5.80 on the Bombay Stock Exchange.
Last week, Tata Consultancy Services, India’s largest IT services company, reported a PAT of Rs 12,434 crore for the fourth quarter of the financial year ending March 2024. This is a 9.1% year-on-year increase.
The company reported a revenue of Rs 61,237 crore, which is a 3.5% year-on-year growth. According to the TCS press release, the growth was led by India (+37.9%), UK (+6.2%), and Manufacturing (+9.7%).
According to Reuters, the company reported revenue growth of 1.3% year-on-year, amounting to 379.23 billion rupees ($4.54 billion) for the January-March quarter, which was lower than the analysts’ expectation of 386.24 billion rupees, according to LSEG data.The report said that Infosys results fell short of expectations during a typically slow period for the company. The lower revenue was attributed to cautious clients reducing their spending amidst uncertain macroeconomic conditions.
Looking ahead to fiscal year 2025, Infosys provided a revenue growth forecast ranging between 1% and 3% in constant currency. The Indian IT sector, valued at $254 billion, has been facing challenges in recent quarters as clients 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 large deals while also dealing with clients renegotiating, delaying, or cancelling contracts. This has led to a significant slowdown in the industry’s growth compared to the pandemic-driven boom experienced a few years ago.
A final dividend of Rs 20/- per equity share for the financial year ended March 31,2024 and additionally a special dividend of Rs 8/- per equity share has been recommended.
Ahead of the quarterly results, Infosys shares closed the trading day in green. Infosys share price stood at Rs 1,420.55 at closing, up 0.41% or Rs 5.80 on the Bombay Stock Exchange.
Last week, Tata Consultancy Services, India’s largest IT services company, reported a PAT of Rs 12,434 crore for the fourth quarter of the financial year ending March 2024. This is a 9.1% year-on-year increase.
The company reported a revenue of Rs 61,237 crore, which is a 3.5% year-on-year growth. According to the TCS press release, the growth was led by India (+37.9%), UK (+6.2%), and Manufacturing (+9.7%).
