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Infosys Q1 Net Profit Down, But Raises FY23 Revenue Growth Guidance

Indian software services provider Infosys Ltd. (INFY) reported Sunday that its net profit after minority interest for the first quarter declined to $689 million from last year's $704 million, with earnings per share deceasing to $0.16 from $0.17 in the prior year.

But revenues for the first quarter increased 17.5% to $4.44 billion from $3.78 billion in the previous year. Quarterly revenues in constant currency terms grew by 21.4% year-over-year.

Year-on-year revenue growth was in double digits across all business segments in constant currency terms.

The company hired 21,171 people in the first quarter of fiscal year 2023.

The company raised its fiscal year 2023 revenue growth guidance to 14%-16%, from the prior outlook 13%-15% growth in revenue.

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