On Thursday, Infosys Ltd reported a 7.3% year-on-year decline in its consolidated net profit for the fiscal’s third quarter ending December (Q3FY24) to ₹6,106 crore, compared to ₹6,586 crore in the corresponding period last year. The IT giant’s consolidated revenue, however, witnessed a 1.3% year-on-year increase, reaching ₹38,821 crore from ₹38,318 crore.
Sequentially, Infosys noted a 1.7% decline in its bottom line for Q3, a trend typical for IT companies in this quarter due to factors such as furloughs and a reduced number of working days.
Infosys also revised its full-year revenue growth guidance, cutting the guidance from 2.5% to 2%, while revising its lower band of guidance higher to 1.5% from 1% earlier.
The consolidated revenue for the quarter exceeded analyst estimates, reaching Rs 38,821 crore, up by 1.3%. Additionally, Infosys maintained its operating margin guidance at 20-22%.
In a strategic move, the company announced a definitive agreement to acquire InSemi, a prominent semiconductor design and embedded services provider, for ₹280 crore.
