20.07.2023,
20097 Zeichen
Bengaluru, India (ots/PRNewswire) - Strong large deal closures and
robust deal pipeline position us well for future growth
Infosys (NSE: INFY), (BSE: INFY), (NYSE:INFY), a global leader in
next-generation digital services and consulting, delivered $4,617
million in Q1 revenues with year on year growth of 4.2% and
sequential growth of 1.0% in constant currency. Large deal TCV for
the quarter was at $2.3 billion, with net new of 56.1%. Operating
margin for the quarter was stable at 20.8%. ROE improved 180 bps to
32.8%. Attrition declined further to 17.3%. FY24 revenue guidance
revised to 1.0%-3.5% and operating margin guidance retained at
20%-22%.
"We had a solid Q1 with a growth of 4.2% and large deals of $2.3
billion which helps us to set a strong foundation for future growth.
Our generative AI capabilities are expanding well, with 80 active
client projects. Topaz, our comprehensive AI offering, is resonating
well with clients. We see this being transformative for clients and
enhancing our overall service portfolio," said Salil Parekh, CEO and
MD. "We have expanded the margin improvement program with a holistic
set of actions for the short, medium and long-term, working on five
key areas, supported by our leadership team," he added.
4.2% YoY 20.8% 12.4% YoY
$2.3 bn
1.0% QoQ Operating margin Increase in
EPS Large deal TCV
CC Revenue growth (₹ terms)
Guidance for FY24:
* Revenue growth of 1.0%-3.5% in constant currency
* Operating margin of 20%-22%
1. Key highlights:
For the quarter ended June 30, 2023
- Revenues in CC terms grew by 4.2% YoY and by 1.0% QoQ
- Reported revenues at $4,617 million, growth of 3.9% YoY
- Operating margin at 20.8%, growth of 0.8% YoY and decline of 0.2%
QoQ
- Basic EPS at $0.17, growth of 6.6% YoY
- FCF at $699 million, growth of 6.6% YoY; FCF conversion at 96.6%
of net profit
"Q1 operating margins were resilient in an uncertain macro
environment on the back of our continued focus on cost optimization.
Company's rigorous operational discipline including improved
productivity measures and higher utilization helped margins for the
quarter," said Nilanjan Roy, CFO. "Free Cash conversion was robust at
96.6% of net profits. Execution of strong capital allocation policy
resulted in higher payouts to investors and improved ROE to 32.8%,"
he added.
2. Client wins & Testimonials
* Danske Bank recently signed a strategic collaboration with
Infosys
to accelerate the bank's digital transformation initiatives with
speed and scale. Frans Woelders, Chief Operating Officer, Danske
Bank, said, "Our Forward '28 strategy sets clear ambitions for
Danske Bank to be a leading bank in a digital age. This is backed
by significant investments in digitalisation and technology,
including plans to further develop our customer-facing digital
solutions, and modernising our technology infrastructure to
enable
even better customer experiences and drive operational
efficiency.
We have a strong starting point, and we want to further
accelerate
our digital and technology transformation. We have conducted a
thorough process to find a partner that can help us achieve that.
Infosys has the tools, experience, and expertise to support us in
accelerating our transformation using cloud and AI technologies.
Given Infosys' global presence and scale, this collaboration will
also give us access to wider talent pools and capabilities."
* bp recently signed an MoU with Infosys to demonstrate their
intent
for Infosys to be bp's primary partner for end-to-end application
services. Leigh-Ann Russell, EVP, Innovation & Engineering, bp,
said, "We are delighted to further develop our relationship with
Infosys to help accelerate our digital transformation and scale
growth through tech-enabled operations. Together, we look forward
to delivering innovative solutions that meet the evolving needs
of
our customers and drive growth for the future."
* Infosys and Aramco signed a Memorandum of Understanding (MoU) to
bring new insights to HR data and analytics, scale the use of
automation tools, and enhance employee experience through
artificial intelligence (AI) technologies. Faisal A. Al-Hajji,
SVP
Human Resources, Aramco, said, "At Aramco, we are constantly
looking to improve employee experience and make our company the
best place to work. This collaboration will allow us to explore
ways to further upgrade our focus on customer-centricity and
transform our digital HR offerings."
* Infosys recently launched Infosys Topaz - an AI-first set of
services, solutions and platforms using generative AI
technologies. Hemanth Adapa, Product Owner, Predictive Analytics
at British Telecom, said, "As part of our continuous efforts to
deliver value for our clients, at British Telecom, we engaged
with
Infosys Topaz to offer AI-powered predictive analytics for
various
domains such as network performance, sustainability, and
security.
This has been recognized and appreciated by our clients who can
now amplify their mission-critical services with never-before
reliability."
* Infosys and Walmart Commerce Technologies collaborated to deliver
scalable omni-channel solutions to retailers. Sunil Kumar, Vice
President and General Manager of Walmart Commerce Technologies,
said, "Infosys is a trusted partner to businesses that are
navigating their digital transformation. We are excited to have
Infosys help streamline implementation of the Store Assist app
and
to serve as a trusted system integration team for our customers."
* Infosys collaborated with vidaXL as their India IT Partner to set
up their business technology support in a scalable and
cost-effective way. Ted van Dongen, CIO, vidaXL, said, "vidaXL
needed a partner to help them with their growth strategy, with a
professional agile approach, and a very broad range technology
expertise. In Infosys, vidaXL has found a partner that proved to
be dedicated in delivering this by transitioning 8 agile
development teams in less than 4 months. This collaboration
establishes a mechanism to steer our corporation significantly on
every aspect of the technology stack."
* Infosys extended its collaboration with LexisNexis to provide
end-to-end information services across their range of content,
enterprise, and product applications. Jeff Reihl, Executive Vice
President & Chief Technology Officer, LexisNexis, said, "Our
longstanding association with the highly experienced Infosys team
has shown excellent results. We at LexisNexis aim to deliver the
best content, enterprise, and product application services in the
market and we firmly believe that by leveraging Infosys for its
downstream, discretionary, and strategic programs, will be in our
best interest and we are excited to further expand our
relationship with Infosys."
* Infosys and ATP collaborated to launch a digital Carbon Tracker
to
enable ATP players to track and mitigate their carbon emissions
from travel on Tour. Massimo Calvelli, Chief Executive Officer,
ATP, said, "Tennis is on a mission to Net Zero and like many
sports, our travel footprint is our biggest challenge. ATP's new
Carbon Tracker makes it simple for players to join that journey,
mitigating their impact today and inspiring greener choices
tomorrow. This is a story of addressing difficult problems
through
innovation, and we would thank our partners Infosys for their
collaboration and commitment to the project. The potential of
this
app is massive and we're just getting started."
* Keytrade Bank selected Infosys Finacle as the preferred partner
for the modernization of its core banking system. Thierry
Ternier,
CEO, Keytrade Bank, said, "As the sponsor of the project, I am a
strong believer in the program because it will strengthen the
foundations of our company and make us future-proof to tackle the
challenges of a fast-moving environment. Our ultimate goal is to
create value and satisfaction for our customers and employees. I
am convinced that this program will be a major enabler in
reaching
those strategic goals. We have chosen Infosys Finacle as our
partner for the program because of their worldwide expertise,
implementation plan, and price offering."
* Infosys Finacle helped successfully transform XacBank's
technology
landscape with Finacle Digital Banking Suite enabling a robust
digital foundation for the bank to achieve its growth strategy.
Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, "We
are happy at the successful completion of this much-awaited
digital transformation, drawing us closer to our vision to be the
preferred universal bank in Mongolia. In this digital-first era,
the Finacle platform provides us with the right platform to offer
custom offerings for our customers in Mongolia across segments,
serving their financial needs in a secure manner. We look forward
to scaling new heights with world-class banking and contribute to
the larger economic development of Mongolia."
3. Recognitions
* Infosys has been recognized in BrandZ's prestigious Top 100 Most
Valuable Global Brands list, ranked at #66
* Recognized as one of India's Best Employers Among Nation Builders
2023 by the Great Place to Work™ Institute
* Won PeopleFirst HR Award under two categories, 'Leading Practices
in HR Risk Management' and 'Leading Practices in HR Business
Partnership'
* Recognized as one of the 'Most Honored' companies, receiving
multiple awards at the 2023 All-Asia Executive Team Rankings from
Institutional Investor
* Won the 2023 Microsoft US Partner of the Year Award in the
Dynamics 365 Services category
* Awarded the Nasscom ER&D Spotlight Award in the 'Concept to
Engineering Leadership' category for the Market First Innovation
Digital transformation of B2B sales with Engineering configurator
as a core
* Recognized as ServiceNow Telco Partner of the Year 2023
* Recognized as HPE Global System Integrator of the Year 2023 and
HPE System Integrator of the Year 2023 for Asia Pacific and
Central Europe
* Infosys Finacle won the MEA Finance 'Best Composable Banking
Technology Solution Provider' award at the MEA Finance Banking
Technology Summit 2023
* Infosys BPM won the SS&C Blue Prism Partner Excellence Awards
2023
across 3 categories: 'Client Business Impact – FSI (Global)',
'Client Business Impact – FSI (APAC)', and 'Client Business
Impact
– Telco (APAC)'
* Recognized as a leader in Low-Code Application Development
Services PEAK Matrix® Assessment 2023 by Everest
* Recognized as a leader in Microsoft Dynamics 365 Services PEAK
Matrix® Assessment 2023 by Everest
* Recognized as a leader in Application Automation Services PEAK
Matrix® Assessment 2023 by Everest
* Recognized as a leader in 5G Engineering Services PEAK Matrix®
Assessment 2023 by Everest
* Recognized as a leader in Wealth and Asset Management PEAK
Matrix®
Assessment 2023 by Everest
* Rated as a leader in Adobe Experience Cloud Services NEAT 2023 by
NelsonHall
* Rated as a leader in SAP Cloud Migration Services NEAT 2023 by
NelsonHall
* Rated as a leader in Quality Engineering NEAT 2023 by NelsonHall
* Positioned as a leader in HFS Horizons: ServiceNow Services, 2023
* Positioned as a leader in HFS Horizons: Data modernization
services, 2023
* Positioned as a leader in IDC MarketScape: Worldwide Retail
Commerce Platform Service Providers 2023 Vendor Assessment
* Positioned as a leader in IDC MarketScape Worldwide Artificial
Intelligence Services 2023 Vendor Assessment
* Positioned as a leader in IDC MarketScape: Asia/Pacific Oracle
Application Implementation Services 2023 Vendor Assessment
* Infosys recognized as a leader in Digital Engineering Services
2023 ISG Provider Lens™ study in US and Europe
* Infosys recognized as a leader in Microsoft Cloud Ecosystem 2023
ISG Provider Lens™ study in US, UK, Singapore and Malaysia,
Australia and Germany
* Infosys rated as a leader in SAP Ecosystem ISG Provider Lens™
study in US, UK, Nordics, Germany and Brazil
* Infosys recognized as #1 Top IT Service Providers in the Nordics
in Whitelane Research and PA Consulting Sourcing Study 2023
* Infosys rated as a leader in Avasant's Multisourcing Service
Integration 2022–2023 Radarview™
* Infosys rated as a leader in Avasant's Financial Services Digital
Services 2023–2024 Radarview™
* Infosys rated as a leader in Avasant's Media and Entertainment
Digital Services 2023–2024 Radarview™
About Infosys
Infosys is a global leader in next-generation digital services and
consulting. Over 300,000 of our people work to amplify human
potential and create the next opportunity for people, businesses and
communities. We enable clients in more than 56 countries to navigate
their digital transformation. With over four decades of experience in
managing the systems and workings of global enterprises, we expertly
steer clients, as they navigate their digital transformation powered
by the cloud. We enable them with an AI-powered core, empower the
business with agile digital at scale and drive continuous improvement
with always-on learning through the transfer of digital skills,
expertise, and ideas from our innovation ecosystem. We are deeply
committed to being a well-governed, environmentally sustainable
organization where diverse talent thrives in an inclusive workplace.
Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can
help your enterprise navigate your next.
Safe Harbor
Certain statements in this release concerning our future growth
prospects, or our future financial or operating performance are
forward-looking statements intended to qualify for the 'safe harbor'
under the Private Securities Litigation Reform Act of 1995, which
involve a number of risks and uncertainties that could cause actual
results or outcomes to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to
these statements include, but are not limited to, risks and
uncertainties regarding the execution of our business strategy, our
ability to attract and retain personnel, our transition to hybrid
work model, economic uncertainties, technological innovations such as
Generative AI, the complex and evolving regulatory landscape
including immigration regulation changes, our ESG vision, our capital
allocation policy and expectations concerning our market position,
future operations, margins, profitability, liquidity, capital
resources, and our corporate actions including acquisitions.
Important factors that may cause actual results or outcomes to differ
from those implied by the forward-looking statements are discussed in
more detail in our US Securities and Exchange Commission filings
including our Annual Report on Form 20-F for the fiscal year ended
March 31, 2023. These filings are available at www.sec.gov. Infosys
may, from time to time, make additional written and oral
forward-looking statements, including statements contained in the
Company's filings with the Securities and Exchange Commission and our
reports to shareholders. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or
on behalf of the Company unless it is required by law.
Infosys Limited and subsidiaries
Extracted from the Condensed Consolidated Balance Sheet under IFRS
as at: (Dollars in millions)
June 30, 2023
March 31, 2023
ASSETS
Current assets
Cash and cash equivalents 1,501
1,481
Earmarked bank balance for dividend (3) 885
-
Current investments 675
841
Trade receivables 3,191
3,094
Unbilled revenue 1,783
1,861
Other Current assets 1,408
1,349
Total current assets 9,443
8,626
Non-current assets
Property, plant and equipment and Right-of-use assets 2,497
2,516
Goodwill and other Intangible assets 1,082
1,095
Non-current investments 1,462
1,530
Unbilled revenue 168
176
Other non-current assets 1,355
1,369
Total non-current assets 6,564
6,686
Total assets 16,007
15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables 458
470
Unearned revenue 894
872
Employee benefit obligations 310
292
Other current liabilities and provisions 4,005
3,135
Total current liabilities 5,667
4,769
Non-current liabilities
Lease liabilities 812
859
Other non-current liabilities 407
460
Total non-current liabilities 1,219
1,319
Total liabilities 6,886
6,088
Total equity attributable to equity holders of the 9,069
9,172
company
Non-controlling interests 52
52
Total equity 9,121
9,224
Total liabilities and equity 16,007
15,312
Extracted from the Condensed Consolidated statement of Comprehensive
Income under IFRS for:
(Dollars in millions except per equity share data)
3 months ended
June 3 months ended June
30, 2023
30, 2022
Revenues 4,617
4,444
Cost of sales 3,211
3,144
Gross profit 1,406
1,300
Operating expenses:
Selling and marketing expenses 217
193
Administrative expenses 228
219
Total operating expenses 445
412
Operating profit 961
888
Other income, net (4) 57
80
Profit before income taxes 1,018
968
Income tax expense 294
279
Net profit (before minority interest) 724
689
Net profit (after minority interest) 724
689
Basic EPS ($) 0.17
0.16
Diluted EPS ($) 0.17
0.16
NOTES:
1. The above information is extracted from the audited condensed
consolidated Balance sheet and Statement of Comprehensive Income for
the quarter ended June 30, 2023, which have been taken on record at
the Board meeting held on July 20, 2023. 2. A Fact Sheet providing
the operating metrics of the Company can be downloaded from
www.infosys.com. 3. Represents bank balance earmarked for final
dividend. Payment date for dividend was July 3, 2023. 4. Other income
is net of Finance Cost.
IFRS-INR Press Release:
https://www.infosys.com/investors/reports-filings/quar...
023-2024/q1/documents/ifrs-inr-press-release.pdf
Fact sheet:
https://www.infosys.com/investors/reports-filings/quar...
023-2024/q1/documents/fact-sheet.pdf
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ear-on-year-revenue-growth-of-4-2-at-20-8-operating-margins-301882043
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Digital press kit:
http://www.ots.at/pressemappe/PR38775/aom
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