IT major Infosys on Thursday posted a 30 per cent year-on-year jump in its net profit to Rs 7,969 crore for the fourth quarter ended March 2024 quarter. However, its revenues during January-March 2024 rose just 1.3 per cent YoY to Rs 37,923 crore, compared with Rs 37,441 crore a year ago.
Infosys’ net profit had stood at Rs 6,128 crore in the corresponding quarter last year.
On a year-on-year basis, Infosys’ revenue declined 2.3 per cent during the March 2024 quarter to Rs 37,923 crore, against Rs 38,821 crore in the previous December 2023 quarter. Its net profit jumped 30.5 per cent sequentially.
Infosys has recommended a final dividend of Rs 20 per equity share for the financial year ended March 31, 2024, and additionally a special dividend of Rs 8 per equity share, according to a BSE filing on April 18.
The company expects a revenue growth of 1-3 per cent in constant currency for financial year 2025.
During the financial year ended March 2024, net profit increased by 8.9 per cent to Rs 26,233 crore from Rs 24,095 crore recorded in FY23. The annual income from operations increased by 4.7 cent to Rs 1,53,670 crore in fiscal year 2024 from Rs 1,46,767 crore a year ago.
Shares of Infosys on Thursday closed at Rs 1,420.55 on the BSE, which is Rs 5.80 or 0.41 per cent higher as against the previous close.
In the previous quarter ended December 2023 (Q3 FY24), Infosys had posted a fall of 7.3 per cent year-on-year in its net profit to Rs 6,106 crore for the third quarter ended December 2023 quarter. However, its revenues during October-December 2023 rose 1.3 per cent to Rs 38,821 crore, compared with Rs 38,318 crore a year ago.
Infosys’ net profit had stood at Rs 6,586 crore in the corresponding quarter last year. Infosys revised its revenue growth guidance for the ongoing financial year to 1.5-2 pc from 1-2.5 per cent estimated earlier.
Meanwhile, kickstarting the Q4FY24 earnings season, India’s largest IT services company TCS on April 12 reported a 9.1 per cent growth in its March quarter net profit at Rs 12,434 crore. In the fiscal year 2023-24, the company’s net profit grew 9 per cent to Rs 45,908 crore, as per an exchange filing.
Tata Consultancy Services’ post-tax profit during the January-March period last year stood at Rs 11,392 crore. In the March quarter, its revenue grew 3.5 per cent to Rs 61,237 crore year on year.
Its operating profit margin expanded by 1.50 per cent to 26 per cent.
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