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Jan 12, 2023, 06:23 ET
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Strongest large deal wins in the last 8 quarters at $3.3 billion
Revenue guidance for FY23 revised to 16.0%-16.5%
BENGALURU, India, Jan. 12, 2023 /PRNewswire/ — Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, reported strong Q3 performance with year-on-year growth at 13.7% and sequential growth at 2.4% in constant currency. Year on year growth was in double digits for most business segments and geographical regions in constant currency terms. Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. Digital comprised 62.9% of overall revenues and grew at 21.7% in constant currency. Operating margin for the quarter remained resilient at 21.5%. FY23 revenue guidance revised to 16.0%-16.5%. FY23 operating margin guidance retained at 21%-22%.
“Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees”, said Salil Parekh, CEO and MD. “As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clients look at consolidating vendors. We remain focused on helping businesses accelerate their digital agenda to uncover new value and growth, as well as improve operational and cost effectiveness”, he added.
21.7% YoY
13.7% YoY
2.4% QoQ
21.5 %
13.4% YoY
$3.3 bn
CC Digital growth
CC Revenue growth
Operating margin
Increase in EPS
(INR terms)
Large deal TCV
1. Key highlights:
For the quarter ended December 31, 2022
For nine months ended December 31, 2022
“Operating margins in Q3 remained resilient due to cost optimization benefits which offset the impact of seasonal weakness in operating parameters”, said Nilanjan Roy, Chief Financial Officer. “Attrition reduced meaningfully during the quarter and is expected to decline further in the near-term,” he added.
2. Capital Allocation
Pursuant to the Board recommendation and subsequent to shareholders’ approval through postal ballot, the company has started share buyback program through open market route from December 7, 2022 and till date, has bought back 31.3 million shares worth ₹4,790 crore (app. $0.6 billion*) or 51.5% of total authorization of ₹9,300 crore at an average price of approx. ₹1,531 per share (compared to maximum Buyback Price of ₹1,850 per share).
*USD-INR rate of 82.00
3. Client wins & Testimonials
4. Recognitions
About Infosys
Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.
Safe Harbor
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Infosys Limited and subsidiaries
Extracted from the Condensed Consolidated Balance Sheet under IFRS as at: (Dollars in millions)
December 31, 2022
March 31, 2022
ASSETS
Current assets
Cash and cash equivalents
1,401
2,305
Current investments
1,055
880
Trade receivables
3,343
2,995
Unbilled revenue
1,588
1,526
Other Current assets
1,366
1,159
Total current assets
8,753
8,865
Non-current assets
Property, plant and equipment and Right-of-use assets
2,405
2,429
Goodwill and other Intangible assets
1,098
1,042
Non-current investments
1,497
1,801
Unbilled revenue
206
124
Other non-current assets
1,267
1,294
Total non-current assets
6,473
6,690
Total assets
15,226
15,555
LIABILITIES AND EQUITY
Current liabilities
Trade payables
579
545
Unearned revenue
861
834
Employee benefit obligations
290
288
Other current liabilities and provisions
3,251
2,766
Total current liabilities
4,981
4,433
Non-current liabilities
Lease liabilities
795
607
Other non-current liabilities
424
521
Total non-current liabilities
1,219
1,128
Total liabilities
6,200
5,561
Total equity attributable to equity holders of the company
8,975
9,941
Non-controlling interests
51
53
Total equity
9,026
9,994
Total liabilities and equity
15,226
15,555
Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:
(Dollars in millions except per equity share data)
3 months ended
December 31,
2022
3 months ended
December 31,
2021
9 months ended
December 31,
2022
9 months ended
December 31,
2021
Revenues
4,659
4,250
13,657
12,031
Cost of sales
3,230
2,856
9,544
8,041
Gross profit
1,429
1,394
4,113
3,990
Operating expenses:
Selling and marketing expenses
196
177
574
513
Administrative expenses
232
219
671
642
Total operating expenses
428
396
1,245
1,155
Operating profit
1,001
998
2,868
2,835
Other income, net (3)
84
61
229
203
Profit before income taxes
1,085
1,059
3,097
3,038
Income tax expense
285
283
859
823
Net profit (before minority interest)
800
776
2,238
2,215
Net profit (after minority interest)
800
774
2,237
2,211
Basic EPS ($)
0.19
0.18
0.53
0.52
Diluted EPS ($)
0.19
0.18
0.53
0.52
NOTES:
IFRS-INR Press Release: https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q3/documents/ifrs-inr-press-release.pdf
Fact sheet: https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q3/documents/fact-sheet.pdf
Logo: https://mma.prnewswire.com/media/633365/Infosys_Logo.jpg
SOURCE Infosys
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