Infosys shares surge as Q3 results beat expectations. While FY24 revenue growth guidance was tightened, analysts are betting that Q3 was the bottom for the earnings downgrade cycle for the IT major. We expect growth to accelerate in FY25 on account of the ramp-up of large deals, strong deal pipeline and expected recovery in discretionary spending, said Emkay Global.
While Infosys net missed the Street s estimate, its revenue was a tad above expectations. Net new deal wins also remained strong, which makes analysts hopeful of a recovery in the coming quarters
Infosys and Tata Consultancy Services (TCS) kickstarted the earnings season for India Inc today. TCS reported a 2.5% drop in profit and a 4% increase in revenue. On the other hand, Infosys saw a 1.7% decline in profit and a 0.4% decline in revenue. Deal wins slowed down for both companies, with Infosys seeing a larger impact. Revenue from BFSI vertical also dropped for both companies.
Infosys' will host a press conference at 4:30 pm IST and a 60-minute conference call at 6:30 pm, where its senior management will discuss company's performance and answer questions from participants.