Infosys disappoints on profit, ups FY23 revenue growth guidance to 14-16%

Infosys was the largest hirer of fresher talent in Q1 when compared with peers like TCS and HCL Technologies

Infosys’ first quarter results for FY23 beat Street estimates for revenue growth but the IT services major disappointed on margin performance because of higher talent costs. Its net profit for Q1FY23 was below expectations at Rs 5,360 crore, up 3.2 per cent year-on-year (YoY) but was down 5.7 per cent sequentially.

Despite an uncertain macro-economic environment and talks of a recession in key economies, including the US, Infosys has upped its FY23 revenue growth guidance to 14-16 per cent, from the earlier projection of 13-15 per cent.

For the first quarter of FY23, Infosys reported revenue growth of 23.6 per cent YoY