Infosys raises FY23 revenue guidance, misses Q1 estimates

Infosys, the country’s second-largest IT services provider, missed analysts’ estimates on net profit and margins, but was ahead on the revenue front in the first quarter. The company increased its FY23 revenue guidance to 14-16%, from 13%-15% announced earlier, while retaining the margin guidance at 21-23%.

The company’s net profit during the period declined 5.7% to Rs 5,360 crore. Consolidated revenue was up 6.8% on a sequential basis to Rs 34,470 crore. At 20.1%, the company’s operating margin was down 1.4% on a sequential basis.