The third-quarter performance of Indian IT majors such as TCS, Infosys, HCLTech and Wipro did not inspire much confidence. In Q3, Tata Consultancy Services posted a 4% increase in revenue and a 2% expansion in profit, while Infosys reported a 7.3% drop in profit. Meanwhile, Wipros profit fell 12% and HCLTechs grew 6.2%.
Infosys Q3 Results Live Updates: The Bengaluru-based Infosys will release its earnings post market hours on Thursday, 11th January. While December quarter is seasonally weak for the information technology sector, it probably got worse for Infosys, as the IT major is expected to report a drop in numbers across parameters.
Infosys will announce its October-December quarter earnings on January 11, Thursday. The company witnessed a setback in the form of a recent termination of a $1.5 billion AI deal with an unnamed global company, which Elara said, added to the company s growth headwinds in the near term.
Indias second-largest IT services firm highlighted concerns around slowing demand for technology services, which was also flagged a day earlier by its larger rival Tata Consultancy Services.
Infosys Q2 Results Live:Infosys Ltd on Thursday reported a 3% year-on-year (YoY) growth in consolidated net profit for the quarter ended September to Rs 6,212 crore. Consolidated revenue grew nearly 7% YoY to Rs 38,994 crore. An ETNow poll saw the net profit and revenue at Rs 6,170 crore and Rs 38,350 crore, respectively. The board has recommended an interim dividend of Rs 18 a share. In an unexpected move, the software major yet again tweaked its guidance for FY24. Infosys sees revenue growing 1.0-2.5% in constant currency terms in FY24, compared to 1.0-3.5% earlier. While Infosys cut the upper end of its revenue growth guidance, the company retained its operating margin target of 20-22%.