Infosys tightens FY24 guidance to 1.5-2%, Q3 net profit down 7.3%

The headwinds across the IT sector have led India’s second-largest software exporter by revenue, Infosys, to tighten its FY24 revenue growth guidance to 1.5 to 2 per cent in constant currency from 1-3.5 per cent in the previous quarter. The Bengaluru-based IT major, however, maintained its operating margin guidance at 20-22 per cent for FY24.

Infosys posted a net profit of Rs 6,106 crore for the third quarter ended December, down 7.3 per cent from a year ago and down 1.7 per cent Q-o-Q (quarter-on-quarter), slightly below consensus Bloomberg estimates of Rs 6,167 crore.