Infosys Ltd, India’s second-largest IT services company, disclosed a 7.3 percent year-on-year (YoY) decline in net profit, amounting to Rs 6,106 crore for the third quarter of FY24. This figure falls below the poll estimates of Rs 6,244 crore by Moneycontrol. On a sequential basis, the company’s net profit witnessed a 1.7 percent decline, as indicated in a regulatory filing on January 11.
The third quarter is traditionally challenging for IT companies due to the adverse impact of furloughs and a reduced number of working days.
Infosys has revised its revenue growth guidance for the full year to 1.5-2 percent, narrowing the range from the previous quarter’s guidance of 1-2.5 percent, which was itself adjusted from the initial 1-3.5 percent.
Consolidated revenue for the quarter reached Rs 38,821 crore, marking a 1.3 percent YoY increase. Despite the dip in net profit, revenues slightly exceeded analyst estimates of Rs 38,630 crore. The results reflect the ongoing industry challenges during the quarter while highlighting Infosys’s efforts to manage and adapt to the evolving business landscape.