India’s second largest IT company Infosys posted its earnings report for the third quarter of FY22.
The company saw net profit increase 11.8% to Rs 5,809 crore in Q3 FY 22 from Rs 5,197 crore in the same quarter of the previous year. Infosys’ revenue jumped 22.9% to Rs 31,867 crore from Rs 25,927 crore in Q3 FY21.
Driven by overall growth across all major verticals and the latest partnership with German auto giant Daimler (parent company of Mercedes Benz), and mainly led by the large deals worth $2.53 billion that Infosys secured in the quarter, the company’s sequential growth was intact.
Infosys reported a 7.2% QoQ jump in its consolidated net profit to Rs 5,809 crore in Q3 FY22 from Rs 5,421 crore in the previous quarter. The company also reported a 7.7% QoQ increase in its revenue from operations to Rs 31,867 crore from Rs 29,602 crore.
Markedly, Infosys reported a 42.1% increase in its revenue from the digital business segment. However, Infosys’ performance in Q3 FY22 was marred by a dip in its operating margin to 23.5% from 25.4%. Supply chain challenges and rising costs continued to chip away at the margins.
The IT giant’s attrition rate increased to 25.5% from 20.1% in the previous quarter while the same was reported at 11% in the year ago period. To combat the same, the company said that it will recruit 55,000 people with its global graduate hiring program.
Infosys CEO and MD Salil Parekh said, that the sustained strategic focus on areas of relevance for our clients in digital and cloud, continued re-skilling of employees have helped in the continued strong performance of the company. He said “This is reflected in an upgrade in our revenue guidance to 19.5%-20.0% for FY22. We expect the healthy technology spend to continue with large enterprises progressing on their digital transformations.”
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