28, February, 2024
HomeBusinessInfosys Records 7% YoY Decline in Q3 Net Profit to Rs. 6,106 Crore

Infosys Records 7% YoY Decline in Q3 Net Profit to Rs. 6,106 Crore

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In the third quarter of FY24, Infosys, India’s second-largest IT services company, witnessed a 7.3% year-on-year (YoY) dip in net profit, amounting to Rs. 6,106 crore. This marks a decrease from the Rs. 6,586 crore reported in the corresponding quarter of the previous year.

Read Also | Infosys Shares Dip 4% Post Q2 Results – Analyzing the Investment Outlook

Despite this, consolidated revenue showed a marginal 1.3% increase, reaching Rs. 38,821 crore compared to Rs. 38,318 crore in the same quarter of the previous year.

Infosys has revised its revenue growth guidance for the fiscal year, now expecting to achieve a growth rate of 1.5-2% in FY24, as opposed to the earlier estimate of 1-2.5% at the end of the second quarter. The initial forecast at the end of the first quarter ranged from 1-3.5%. The company still aims for an operational profitability range of 20-22% in FY24.

On Thursday, Infosys shares experienced a 1.62% decline, reaching Rs. 1,495 apiece on the BSE.

The performance of Infosys, a Bengaluru-based tech giant, is significantly influenced by its involvement in various tech sectors, including artificial intelligence (AI), 5G, Hyperconnectivity, High-Performance Computing, Quantum Technology, Virtual Reality, IoT, and Smart Devices. These sectors heavily rely on semiconductors.

Read Also | Infosys Q2 2023 Financial Results: What to Expect

It’s important to note that the third quarter traditionally remains a challenging period for IT firms due to a shortage of work and a decrease in working days, impacting overall performance.

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