Q1FY23 results: Infosys net up 3% at Rs 5,360 cr, dips 6% sequentially

Revenue up nearly 24% YoY to Rs 34,470 cr; attrition rate rises to 28.4% in Q1FY23, from 13.9% a year ago and 27.7% in the immediately preceding quarter

Infosys on Sunday reported a 3.2 per cent year-on-year (YoY) rise in consolidated net profit at Rs 5,360 crore for the April-June quarter. The profit in the same quarter in FY22 was Rs 5,195 crore.

Sequentially, however, there was a 5.7 per cent dip in profit (Rs 5,686 crore in Q4FY22).

The IT major's revenue was up 24 per cent YoY to Rs 34,470 crore, from Rs 27,896 crore in the corresponding quarter a year ago.

Sequentially it was up nearly 7 per cent.

The company's attrition rate was 28.4 per cent in Q1FY23, up from 13.9 per cent a year ago and 27.7 per cent in the immediately preceding quarter.

There was a negligible change in revenue contribution by geography. The United States retained the lead in terms of contribution to the firm's revenue, accounting for 61.8 per cent of the top line. In comparison, the share of other geographies was: Europe (25.0 per cent), rest of the world (10.6 per cent) and India or domestic operations (2.6 per cent)

The Infosys stock closed at Rs 1,506.30 a share on BSE, down 1.73 per cent on Friday. At the bourses, Infosys has shed 19 per cent so far in this calendar year. In comparison, frontline indices Nifty50 and the S&P BSE Sensex have lost 5 per cent each.