Infosys Ltd Q3 Results FY2024, Net profit at Rs.6113 Crores

On 11th January 2024, Infosys Ltd announced its quarterly results.

Key Highlights:

- The company reported revenue from operations at Rs. 38,821 crore, up by 1.3% YoY. Revenues in CC terms grew by 1% YoY and QoQ
- Profit before tax for the quarter ended December 31, 2023 was Rs.8619 crores. 
- Profit after tax for the quarter ended December 31, 2023 was Rs.6113 crores.
-  Large deal TCV for the quarter was $3.2 billion, with 71% being net new.

Segment Highlights:

- Industry segment growth was led by  Energy, Resources and Utilities vertical which grew 13.2%, Manufacturing which grew 14.9% and Life Sciences which grew 7.6%. Retail grew 14.6%, Financial Services  grew by 27.8%, Communications grew by 11.4%, Hi-Tech grew by 7.7% and Others by 2.9%
- Among major markets, North America grew 59% and Europe grew 28.2%. Rest of the World grew 10.4% and India grew 2.4%. 

Key Deals Won:

- Infosys entered into a collaboration with smart Europe GmbH for five years to bring sustainable electric mobility to customers
- Infosys announced a strategic long-term collaboration with TK Elevator (TKE) to help consolidate, harmonize, and modernize their digital landscape.
- Infosys collaborated with LKQ Europe to help integrate and standardize their disparate business processes and systems, to enable synergies and achieve economies of scale.
Commenting on the results,  Salil Parekh, CEO and MD, Infosys said: “Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71% of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation.  “Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses.”