Infosys Q1 net up 3.2%, lower than estimates

Mumbai : India’s second-largest IT services firm Infosys reported a lower-than-estimated 3.2 per cent rise in June quarter net profit as operating margin declined on rising expenses. Net profit is at Rs 5,360 crore, or Rs 12.78 a share, compared with Rs 5,195 crore, or Rs 12.24 per share, in the same period a year back, the company said in a statement. Sequentially, the profit declined 5.7 per cent from Rs 5,686 crore in the January-March quarter. Revenue or turnover rose 23.6 per cent to Rs 34,470 crore in April-June – the first quarter of the current fiscal year. Infosys raised its full-year FY23 (April 2022 to March 2023) revenue guidance to 14-16 per cent against 13-15 per cent it had projected earlier, backed by Q1 growth, and a strong demand outlook.