Infosys Q2 net profit rises 3.1% to Rs 6,215 Cr; revises FY24 revenue forecast

India's second largest IT services company Infosys on Thursday reported a 3.1% year-on-year rise in net profit to Rs 6,215 crore for the September 2023 quarter.

The earnings (before minority interest) of the Bengaluru-based company stood at Rs 6,026 crore in the year-ago period.

The company—which competes in the IT services market with TCS, Wipro, HCL Technologies and others—saw its revenue rising 6.7% to Rs 38,994 crore for the just-ended September quarter.

Infosys CEO and MD Salil Parekh said, "We had our highest large deals value at USD 7.7 billion in Q2 spread across all verticals and geographies".

"This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale," Parekh added.

Its FY24 revenue guidance has been revised to 1-2.5% against 1-3.5% given earlier, while operating margin guidance retained at 20-22%.

Infosys has declared an interim dividend of Rs 18 per equity share carrying a face value of Rs 5 each. It has fixed October 25, 2023, as the record date for the interim dividend and November 6, 2023, as the payout date.

Earlier, Tata Consultancy Services (TCS), also reported an 8.7% rise in net profit for the three-month period between July and September of the current fiscal, driven largely by cost optimisation and increased efficiency.

The company also announced a Rs 17,000 crore share buyback programme with a buyback price of Rs 4,150 per share. It will buy back up to 4.09 crore shares in this programme.