Infosys Q4FY24 net profit jumps 30% YoY to Rs 7,969 cr
Mumbai: India's second-largest IT services company Infosys Ltd surpassed market expectations by reporting a net profit of Rs 7,969 crore for the fourth fiscal quarter, up 30% year-on-year against Rs 6,134 crore in the same period last year. .
According to an exchange filing on April 18, the company achieved revenue of Rs 37,923 crore during the three months ended March 31.
The company's operating margin stood at 20.1 percent, down 0.9 percent YoY and 0.4 percent QoQ.
Despite this, Infosys stock rose by 0.34 percent today, closing at Rs 1,419.25, prior to the release of its quarterly earnings report.
In addition to its financial performance, Infosys announced a final dividend of Rs 20 per equity share along with a one-time dividend of Rs 8 per share.
Furthermore, the company revealed its acquisition of In-Tech Holding GmbH, a provider of engineering, research, and development (ER&D) services.
“Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimization, and customer support," said Salil Parekh, CEO and MD. “I would like to thank our 317,000 employees across the world who are working to create value for our clients.”
"Very comfortable with our large deal wins," said Parekh, adding "Hiring models has changed significantly over the years. Doing more than half of the hiring off campus."
“Free cash flow of $848 million in Q4 was highest in the last 11 quarters driven by our relentless focus to improve working capital cycle. Consistent with the objective of giving high and predictable returns to shareholders, the Board has approved the capital allocation policy under which the company expects to return 85% over the next 5 years and progressively increase annual dividend per share," said Jayesh Sanghrajka, CFO.
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