Infosys share price jumps over 7% as growth and margin exceeds D-street’s expectations; Brokerages raise target price

Infosys witnessed a remarkable 7% surge in its share price during early trade on Friday, propelled by the IT services giant’s better-than-expected earnings report for the third quarter of FY24, even in the face of a decline in revenue and net profit. Infosys shares rallied as much as 7.09% to reach Rs 1,600.20 apiece on the NSE.

India’s second-largest IT services company reported a 1.7% decrease in consolidated net profit for Q3FY24, amounting to ₹6,106 crore compared to ₹6,212 crore in Q2FY24. The quarter’s revenue also experienced a 0.4% dip, landing at ₹38,821 crore from ₹38,994 crore QoQ. In constant currency (CC) terms, revenues dropped to $4,663 million.