Infosys Q1 Net Profit Rises 7.1 Percent to Rs 6,368 Crore By CIOTechOutlook Team

Infosys Q1 Net Profit Rises 7.1 Percent to Rs 6,368 Crore

CIOTechOutlook Team | Friday, 19 July 2024, 02:33 IST

IT company Infosys announced an increase of 7.1% in its consolidated net profit for the quarter ending in June 2024, reaching Rs 6,368 crore compared to the previous year. The net profit in the third quarter of 2023 amounted to Rs 5,945 crore.

The revenue of the IT services company increased by 3.6% in the quarter to Rs 39,315 crore from Rs 37,933 crore. Today, the Board of the company gave approval to the audited financial results of the company and its subsidiaries.

"We had an excellent start to FY25 with strong and broad-based growth, operating margin expansion, robust large deals, and highest ever cash generation. This is a testimony to our differentiated service offerings, enormous client trust, and relentless execution," said Salil Parekh, CEO and MD, of Infosys.

"With our focused approach for generative AI for enterprises working with their data sets on a cloud foundation, we have strong traction with our clients," Parekh added.

Jayesh Sanghrajka, Chief Financial Officer of Infosys, mentioned that the company produced its largest ever free cash flow (FCF) of USD 1.1 billion, resulting in a rise in return on equity (ROE) to 33.6 percent because of increased payouts to shareholders.

Infosys has finalized the purchase of in-tech, a top provider of Engineering R&D services specializing in the German automotive sector. This comes after the announcement that was made by the company on April 18, 2024. Infosys Limited will acquire the complete ownership of in-tech Group India Private Limited, a subsidiary of in-tech Holding GmbH.