Check out the detailed Q1 result of Infosys here

Indian multinational information technology company, Infosys have announced its Quarter 1 results today. The April to June results show a profit but not to the expectations of experts. Check detailed results here:

Infosys reported a 3.1% on-year growth in net profit in the fiscal first quarter, to touch Rs 5,362 crore, missing expert expectations. Although the company reported growth in profits compared to the previous year, profits were sequentially lower. The consolidated revenue in constant currency terms of the Information Technology behemoth soared 23.6% from the same period last year to Rs 34,470 crore. The expectations were to post an 8-10% growth in net profit in the April-June quarter of the current financial year. The company’s operating margin stood at 20.1%, a decline of 3.6% on the year and a decline of 1.4% on-quarter basis. The free cash flow is said to be Rs 5,106 crore. The next financial year might be challenging for the IT sector as a whole but it will also provide investment opportunities.

Our strong overall performance in Q1 (April-June) amidst an uncertain economic environment is a testament to our innate resilience as an organization, our industry-leading digital capabilities, and continued client relevance. We continue to gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value proposition,” said Salil Parekh, CEO and Managing Director, Infosys.
“We are investing in rapid talent expansion while ensuring rewarding careers for our employees, to better serve evolving market opportunities. This has resulted in a strong performance in Q1 and the increase in FY23 revenue guidance,” he added.

Chief Financial Officer Nilanjan Roy, “We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations.”