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FY24 Revenue Guidance to 1-3.5%

India’s second-largest IT company Infosys slashed its revenue guidance for the fiscal to 1-3.5% from 4-7%, amid an increasingly challenging demand environment.It reported a 11 percent increase YoY in its net profit to Rs 5,945 crore in the first quarter of the 2024 fiscal. Infosys, which posted its results on July 20, saw its profit miss market expectations.Its consolidated revenue increased 10 percent YoY to Rs 37,933 crore, while its operating margin came in at 20.8 percent, down from last quarter’s 21 percent.While the IT major slashed its FY24 revenue guidance to 1.0-3.5 percent, it maintained operating margin guidance at 20-22 percent.Operating margins declined by 20bps and came in at 20.8 percent.

Infosys is a global leader in consulting, technology, and outsourcing and next-generation services. We enable clients in more than 50 countries to outperform the competition and stay ahead of the innovation curve. With US$9.21 bn in LTM Q3 FY16 revenues and 193,000+ employees, we are helping enterprises renew themselves while also creating new avenues to generate value. We provide enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership, and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data, and cloud computing. Infosys has a growing global presence with more than 193,000+ employees. Globally, they have 85 sales and marketing offices and 100 development centers as at March 31, 2015.

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FY24 Revenue Guidance to 1-3.5%

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