The decrease in profit aligns with analyst predictions, falling within the projected range of 5-8 per cent de-growth. The Bengaluru-based IT firm reported a 1.3 per cent YoY increase in revenue for the quarter, reaching Rs 38,821 crore compared to Rs 38,318 crore in the same quarter last year. Analysts had expected relatively stable growth in rupee terms.
The operating margin for the quarter stood at 20.5 per cent, experiencing a 100 basis points decline from the 21.5 per cent reported in the same period the previous year.
Infosys aquires InSemi
In a seperate development, Infosys announced its acquisition of InSemi, a semiconductor design and embedded services provider, for Rs 280 crore.
In a regulatory filing, Infosys said that the acquisition of InSemi, with a revenue of Rs 153.6 crore, is anticipated to conclude during the fourth quarter of fiscal 2024, contingent upon customary closing conditions.
"Consideration including earn-outs, and management incentives, and retention bonus totaling up to INR 280 crores subject to customary closing adjustments," the company said in an exchange filing.
InSemi, headquartered in Bengaluru, boasts a workforce of over 900 individuals.
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