Infosys hikes revenue guidance even as higher costs bite

India’s Infosys raised its revenue guidance for 2022-23 on Sunday, betting on buoyant demand for digital services even as higher costs ate into the IT giant’s June quarter earnings.

Net profit at the country’s second-largest IT firm rose 3.2 percent year-on-year to 53.60 billion rupees ($689 million) in the third quarter ending June 30.

But seen sequentially, net profits declined 5.7 percent compared to the previous quarter, as operating expenses including employee benefits and travel costs rose.

Revenues grew 23.6 percent year-on-year to 344.70 billion in this quarter, helped by sustained demand for digital services in North America and Europe.

The company also raised its revenue guidance for the financial year ending March 2023 to the range of 14-16 percent — a slight bump from the earlier 13-15 percent forecast.

“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate resilience as an organization,” chief executive and managing director Salil Parekh said in a statement.

Revenues from digital services grew 32.8 percent year-on-year, while from the firm’s legacy consulting and technology business, it contracted 0.5 percent in the quarter.

The Bangalore-headquartered company said it had signed large deals worth $1.7 billion in the period.

Infosys was at the forefront of an outsourcing boom that saw India become a back office to the world as Western firms subcontracted work to a skilled English-speaking workforce.

More than 60 percent of its revenues come from North American markets.

Earlier this year, Infosys said it would exit its Russia business after criticism surrounding UK prime minister candidate Rishi Sunak’s ties to the company.

Sunak’s wife Akshata Murty — whose father co-founded Infosys in 1981 — holds a 0.93 percent stake worth $734.6 million in the company.

Shares in Infosys closed 1.73 percent lower in Mumbai on Friday, ahead of the earnings released on Sunday.

© Agence France-Presse

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