Infosys’ Q1 profit rises 11% to Rs 5,945cr; company slashes FY24 outlook to 1-3.5% amid macro woes

BENGALURU: IT services firm Infosys on Thursday reported an 11 per cent rise in consolidated net profit in the June quarter at Rs 5,945 crore, but delivered a shocker by slashing full year growth outlook to 1-3.5 per cent hurt by macro uncertainties and delayed decision-making in the market.

The net profit (before minority interest) during the same period previous year stood at Rs 5,362 crore.

The company posted a revenue growth of 10 per cent to Rs 37,933 crore, up from Rs 34,470 crore in the year-ago period.

The country’s second largest IT services company — which competes in the market with TCS, Wipro and others — drastically lowered its revenue guidance for the full year to 1 to 3.5 per cent in constant currency, down from 4 to 7 per cent projected earlier.