BackInfosys misses estimates, consolidated PAT drops 16% QoQ to ₹6,128 cr; declares dividend
Infosys reported a 16 per cent sequential drop in its consolidated PAT to ₹6,128 crore. The company reported a 2.2 per cent of drop in its revenue
PremiumShowcasing a sequentially weak quarter growth, Infosys recorded a 16 per cent decline in its total profit after tax (PAT) in Q4FY24. The IT giant's Q4 PAT stood at ₹6,128 crore, which was down by 16 per cent on a sequential basis. Its revenue also dropped by 2.2 per cent on a quarterly basis to ₹37,441 crore. Company's revenue growth in cc terms was at 3.2 per cent QoQ and 8.8 per cent YoY.
Click here, for Infosys Q4FY23 result updates
The company's operating margins stood at 21 per cent in the fourth quarter of the previous financial year. Just like Infoys, TCS has also missed street's estimates in Q4 and showed a slump in its profit.
The company has also announced a final dividend of ₹17.50 per equity share for the previous financial year. The company said that the payment will be done after the approval from shareholders in Annual General Meeting to be held on June 2,2023. The record date for the payment of final dividend is fixed as June 2,2023. The dividend will be pay on July 3, 2023.
In terms of attenuation, Infosys presented a significant drop in its attrition rate to 20.9 per cent compared to 24.3 per cent in the quarter ending in December.
Further, its attrition rate stood at 27.1 per cent in September 2022 quarter and 28.4 per cent in June 2022 quarter. Company saw a net reduction of 3,611 employees compared to 3,46,845 employees posted in Q3 of FY23.
In the previous quarter of FY23, Infosys earned a net profit of ₹6,586 crore, which was up by 13.4 per cent on an annual basis and 9.4 per cent sequentially. Whereas, revenue from operations came in at ₹38,318 crore in Q3FY23 by increasing 20.2 per cent YoY and 4.9 per cent QoQ.
Presenting its estimate on the quarterly results of Infosys, ICICI Securities said that the revenue growth of the IT giant will remain soft at 0.1 per cent QoQ in constant currency terms, as March is a seasonally weak quarter for the company.
“It had said, would translate to 16.4 per cent YoY CC growth in FY23E within the company’s guided range of 16-16.5 per cent," said ICICI Securities.
For the third quarter, Infosys highlighted strong Q3 performance in most of its business segments and geographical regions in constant currency terms.
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