India’s second-largest IT company Infosys witnessed a 40%-plus fall in net hiring during the fiscal year 2023 vis-a-vis fiscal year 2022. For the full year (FY2023), the net hiring number at Infosys stood at 29,219, down 46% from the 54,396 employees hired by the company over the whole of FY2022. Infosys reduced its headcount by 3,611 employees on a net basis during the quarter ended March, with the overall headcount at 343,234. The company had hired 1,627 candidates in the previous quarter.
Infosys PAT rises 8% year-on-year
Infosys reported 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter that ended March 2023. The consolidated revenue for the period increased 16% on the year to Rs 37,441 crore. Sequentially, the company’s net profit in the March quarter fell by 7% while sales dropped 2.3%. For FY23, Infosys reported 15.4% growth in revenue in constant currency terms, which was below the lower end of its guided range of 16-16.5%.
Forecast dim
The software major has forecasted for FY24 sales to grow by a mere single-digit 4-7% in constant currency terms, an indication of the challenges it foresees in the current year. The operating margin is expected to be in the range of 20-22% as per the company’s guidance for the year.
Infosys CEO speak
“As the environment has changed, we see strong interest from our clients for efficiency, cost, and consolidation opportunities, resulting in a strong large-deal pipeline,” said Salil Parekh, MD and CEO during the earnings call. “We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients,” Parekh added.
The CEO also asserted that Infosys’ pipeline of large deals “is extremely strong”. “Several of them are mega deals, and several of them are opportunities, cost and efficiency programmes within clients, as well as consolidation opportunities,” he said.
Infosys PAT rises 8% year-on-year
Infosys reported 8% year-on-year (YoY) growth in consolidated net profit to Rs 6,128 crore for the quarter that ended March 2023. The consolidated revenue for the period increased 16% on the year to Rs 37,441 crore. Sequentially, the company’s net profit in the March quarter fell by 7% while sales dropped 2.3%. For FY23, Infosys reported 15.4% growth in revenue in constant currency terms, which was below the lower end of its guided range of 16-16.5%.
Forecast dim
The software major has forecasted for FY24 sales to grow by a mere single-digit 4-7% in constant currency terms, an indication of the challenges it foresees in the current year. The operating margin is expected to be in the range of 20-22% as per the company’s guidance for the year.
Infosys CEO speak
“As the environment has changed, we see strong interest from our clients for efficiency, cost, and consolidation opportunities, resulting in a strong large-deal pipeline,” said Salil Parekh, MD and CEO during the earnings call. “We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients,” Parekh added.
The CEO also asserted that Infosys’ pipeline of large deals “is extremely strong”. “Several of them are mega deals, and several of them are opportunities, cost and efficiency programmes within clients, as well as consolidation opportunities,” he said.
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