New Delhi: IT major Infosys delivered $4,617 million in Q1 revenues with year-on-year growth of 4.2 percent and sequential growth of 1.0 percent in constant currency. Large deal TCV for the quarter was at $2.3 billion, with net new of 56.1 percent. Operating margin for the quarter was stable at 20.8 percent. ROE improved by 180 bps to 32.8 percent.
Attrition declined further to 17.3 percent. FY24 revenue guidance was revised to 1.0 per cent-3.5 percent and operating margin guidance retained at 20 per cent-22 percent. (Also Read: SBI Special FD Scheme: Double Your Money By Investing In This Fixed Deposit)
“We had a solid Q1 with a growth of 4.2 percent and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio,” CEO and MD Salil Parekh said.
“We have expanded the margin improvement programme with a holistic set of actions for the short, medium, and long-term, working on five key areas, supported by our leadership team," he added.
“Q1 operating margins were resilient in an uncertain macro environment on the back of our continued focus on cost optimization. Company’s rigorous operational discipline including improved productivity measures and higher utilization helped margins for the quarter,” CFO Nilanjan Roy said.
“Free Cash conversion was robust at 96.6 percent of net profits. Execution of strong capital allocation policy resulted in higher payouts to investors and improved ROE to 32.8 percent,” he added.
