Infosys Reports Strong Q2 2023 Results with Revenue Surge and Client Growth

In a recent announcement, global IT services provider Infosys unveiled its financial results for the period of July to September 2023, showcasing significant growth in revenue and notable client expansion.
Infosys Finacle at IT trade showDuring this period, Infosys reported a revenue increase of 3.6 percent, reaching an impressive $4,718 million, compared to $4,555 million during the same period last year. The company also disclosed a profit of $751 million for the July-September quarter of 2023, reinforcing its financial strength and market standing.

Infosys has noted that the main industry verticals in terms of revenue generation are: Financial services (27.5 percent of its total revenue), Retail (15.2 percent) Manufacturing (14.3 percent), Energy, Utilities, Resources & Services (12.7 percent), Communication (11.4 percent), Hi-Tech (7.8 percent), Life Sciences (7.8 percent) and Others (3.3 percent).

“We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale,” said Salil Parekh, CEO and MD of Infosys.

“Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share.”

In terms of workforce dynamics, Infosys had a total of 328,764 employees during July-September 2023. This figure reflects a decrease from the previous quarter’s count of 336,294 employees (April-June 2023) and a further reduction from 345,218 employees during July-September 2022.

Highlighting its global reach and client base, Infosys revealed the geographical breakdown of its sales during Q2 2023. A significant portion, 61.1 percent, was generated from North America, followed by 26.5 percent from Europe, 9.6 percent from the Rest of the World, and 2.8 percent from India.

The company’s client portfolio continues to grow, boasting a total of 1,884 clients. Impressively, 951 clients had billing amounts exceeding $1 million, while 312 clients exceeded the $10 million billing mark. Further demonstrating strong client relationships, Infosys had 80 clients billing over $50 million and 39 clients billing over $100 million. In the quarter from July to September 2023 alone, Infosys added an impressive 100 new clients, demonstrating its continued ability to attract and retain customers.

These robust results and steady client growth reaffirm Infosys’ position as a leader in the IT services industry, poised for further success in the rapidly evolving global market.