Infosys Q3 results beat expectations, net profit rises over 13%, revises FY23 revenue guidance

Follow us on

Indian IT giant, Infosys, has reported its Q3 results, and the company has exceeded expectations, with a net profit rise of over 13%. The company's net profit for the quarter ending December 31st, 2022 stood at Rs 5,197 crore, up from Rs 4,609 crore in the same quarter the previous year.

The company's revenue also saw a growth of 3.3% YoY, with a total revenue of Rs 25,927 crore in Q3, compared to Rs 25,092 crore in the same quarter the previous year. This growth was driven by a strong performance in the company's banking, financial services, and insurance (BFSI) segment.

ALSO READ: ICICI loan fraud case: Videocon's Dhoot terms his arrest 'unwarranted'; CBI claims he was evading probe

Infosys also revised its FY23 revenue guidance, and now expects a revenue growth of 12-14%, up from the previous guidance of 8-10%. 

Stock Market Reacts

The stock market responded positively to the announcement of Infosys' Q3 results, with the company's stock price rising by over 3% in early trading. This was in reaction to the company's strong financial performance, which exceeded expectations.  The market also responded positively to the company's upward revision of its FY23 revenue guidance. 

In addition to the strong financial performance, Infosys also announced that it has signed a strategic partnership with a leading US-based retail company to accelerate the latter's digital and technology transformation journey. The partnership will leverage Infosys' expertise in areas such as AI, automation, and cloud, to help the retail company improve its customer experience and operations.

ALSO READ: Budget Session 2023 of Parliament to commence on Jan 31: Parliamentary Affairs Minister Pralhad Joshi

Infosys CEO, Salil Parekh, said, "We are pleased to announce yet another quarter of strong financial performance, driven by a strong demand for our digital services. Our strategic partnership with a leading retail company is a testament to our expertise in digital transformation and our ability to help our clients navigate the rapidly changing digital landscape."

FAQs:

Q1: What is Infosys?

Infosys is a multinational Indian company that offers business consulting, information technology, and engineering services.

Q2: How is Infosys performing financially?
Infosys has been performing well financially, as seen in the recent Q3 results where the company exceeded expectations with a net profit rise of over 13%. The company also revised its FY23 revenue guidance, expecting a growth of 12-14%