Infosys expects significant drop in revenue growth

Infosys said it is expecting revenue growth of 4-7 percent in constant currency for fiscal 2023-24 vs 15.4 percent growth achieved in fiscal 2022-23.
Infosys employees
Analysts at research firm Gartner expect that the worldwide IT services spending will grow 9.1 percent in 2023 to $1,364.106 billion and increase at 10.2 percent in 2024 to $1,502.759 billion as compared with 3.5 percent growth achieved in 2022 at $1,250.224 billion.

Infosys said its revenue in fiscal 2022-23 reached $18.21 billion with operating margins of 21 percent led by broad-based growth across industry verticals and geographical regions.

Infosys said its revenue in January-March 2023, its fourth quarter in the financial year, rose 8.8 percent to $4.554 billion. Operating margin for the quarter was 21.0 percent. Free cash flow conversion was 95.7 percent for Q4.

Infosys, India’s second-largest IT services firm, expects FY24 operating margin in the range of 20 percent to 22 percent.

Larger rival and India’s top IT exporter Tata Consultancy Services (TCS) on Wednesday said deferred project spending by its North American banking clients led to weaker than expected fourth-quarter results.

Infosys won large deals worth $2.1 billion in the fourth quarter, down from $2.3 billion in the same period the previous year.

Infosys said the total number of employees has reached 343,234 on Mar 31, 2023 vs 346,845 on Dec 31, 2022 vs 314,015 on Mar 31, 2022.

Infosys said the total number of software professionals has reached 324,816 on Mar 31, 2023 vs 3,29,296 on Dec 31, 2022 vs 2,97,859 on Mar 31, 2022.

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