18.04.2024,
24236 Zeichen
Bengaluru, India (ots/PRNewswire) - FY25 guidance - revenue growth of
1%-3% and operating margin of 20%-22%
Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in
next-generation digital services and consulting, delivered $18.6
billion in FY24 revenues with a growth of 1.4% in constant currency
and operating margin of 20.7%. Free Cash Flow was strong at $2,882
million, an increase of 13.7% over FY 23. Large deal TCV for FY24 was
highest ever at $17.7 billion, with 52% being net new.
Q4 revenues were at $4,564 million, flat year on year and decrease of
2.2% sequentially in constant currency. Large deal TCV for the
quarter was $4.5 billion, with 44% being net new. Operating margin
for the quarter was 20.1%, a sequential decrease of 40 bps. Free Cash
Flow was robust at $848 million.
"We delivered the highest ever large deal value in the financial year
2024. This reflects the strong trust clients have in us. 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 that are working to create value for our
clients." he added.
1.4% FY 20.7% FY 10.0% FY
$17.7 Bn FY $2.9 Bn FY
20.1% Q4 30.2% Q4
$4.5 Bn Q4
Operating YoY EPS Increase
Large Deal
Margin (₹ terms)
TCV
Flat Q4 $848 Mn Q4
YoY CC Growth Free Cash Flow
Guidance for FY25:
* Revenue growth of 1%-3% in constant currency
* Operating margin of 20%-22%
1. Key highlights:
For the quarter ended March 31, 2024 For year ended
March 31, 2024
- Revenues in CC terms remained flat YoY and - Revenues in CC
terms grew by 1.4% YoY
declined by 2.2% QoQ
- Reported revenues at $4,564 million, growth of - Reported revenues
at $18,562 million, growth
0.2% YoY of 1.9% YoY
- Operating margin at 20.1%, decline of 0.9% YoY - Operating margin
at 20.7%, decline of 0.3% YoY
and 0.4% QoQ
- Basic EPS at $0.23, increase of 28.9% YoY - Basic EPS at
$0.77, increase of 7.3% YoY
- FCF at $848 million, growth of 18.9% YoY ; FCF - FCF at $2,882
million, growth of 13.7% YoY;
conversion at 88.4% of net profit FCF conversion at
91.0% of net profit
"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. "Operating margin expansion in
the medium-term and improving cash generation continue to remain our
priorities underpinned by early success in Project Maximus", he
added.
2. Capital Allocation
* For the Financial Year 2024, the Board recommended a final
dividend of `20 per share (0.24 per ADS) and additionally a
special dividend of `8 per share (0.10 per ADS*). With this, the
total payout over FY20 – FY 24 will be 85% of Free Cash Flow, in
line with our capital allocation policy announced earlier.
* The Board in its meeting held on April 18, 2024 has reviewed and
approved the capital allocation policy for the next 5 years from
FY25 – FY29 after taking into consideration the strategic and
operational cash requirements as below.
"Effective from financial year 2025, the Company expects to continue
its policy of returning approximately 85% of the free cash flow
cumulatively over a 5-year period through a combination of
semi-annual dividends and/or share buyback/ special dividends subject
to applicable laws and requisite approvals, if any."
Under this policy, the Company expects to progressively increase its
annual Dividend Per Share (excluding special dividend if any).
Free cash flow is defined as net cash provided by operating
activities less capital expenditure as per the consolidated statement
of cash flows prepared under IFRS. Dividend and buyback include
applicable taxes.
*USD/INR rate of `83.41
3. Update on India Income Tax Orders
During the quarter ending March 31, 2024, the Company received orders
under sections 250 and 254 of the Income Tax Act, 1961, from the
Income Tax Authorities in India for the assessment years, 2007-08 to
2015-16, 2017-18 and 2018-19. These orders confirmed the Company's
position with respect to tax treatment of certain contentious
matters. As a result, interest income (pre-tax) of $232 million was
recognized and provision for income tax aggregating $63 million was
reversed with a corresponding credit to the Statement of Profit and
Loss. Also, upon resolution of the disputes, an amount aggregating to
$196 million has been reduced from contingent liabilities.
4. Update on Financial Services Client
During Q4, we had rescoping and renegotiation of one of the large
contracts in the financial services segment leading to a one-time
impact of approximately 100bps in Q4. Nearly 85% of the scope of the
contract continues as-is.
5. Client wins & testimonials
* Infosys announced a strategic collaboration with Musgrave to help
automate their IT operations by leveraging its industry leading
AI
and Cloud offerings, Infosys Topaz and Infosys Cobalt. Stephen
Mckenna, Chief Technology Officer, Musgrave, said, "I am
delighted
by our recently announced collaboration with Infosys, which will
enable us to leverage Infosys' expertise and resources to deliver
innovative solutions to all our customers and retail partners.
Musgrave has always been committed to providing our customers
with
the best possible service, and this collaboration is a testament
to that commitment. We are confident that this collaboration will
result in new and exciting products and services that will
benefit
all our customers."
* Infosys collaborated with PROG Holdings, Inc. to bring AI-powered
experiences to their customers and intelligent automation to
their
operations, as an integral part of PROG Holdings' ongoing cloud
and AI-focused technology modernization and innovation efforts.
Steve Michaels, President and CEO of PROG Holdings, said, "We
look
forward to working with Infosys to develop and enhance key
systems
that positively impact the speed to market, agility, and
scalability of key PROG Holdings technologies and platforms. We
expect our collaboration with Infosys will reduce friction for
both our customers and retail partners, further solidifying PROG
Holdings' position atop the virtual lease-to-own industry we
helped create twenty-five years ago."
* Infosys collaborated with Pacific International Lines (PIL) to
accelerate their digital transformation initiative by helping
revamp PIL's existing customer portal and deploying a scalable
and
modern technology platform, aimed at creating a positive impact
for PIL's key stakeholders across the shipping and logistics
ecosystem. Lionel Patrice Chatelet, Chief Commercial Officer,
Pacific International Lines (PIL), said, "We are looking for a
partner who can not only bring technology but also play an
advisory role in the journey of transformation. Infosys brings
together a strong combination of right capabilities as well as
highly collaborative ways of working. We are delighted to
collaborate with Infosys."
* Resolution Life Australasia collaborated with Infosys to
virtualize its mainframe systems by enabling a seamless migration
to the cloud, enhancing the overall customer experience. Peter
Histon, CIO of Resolution Life Australasia, said, "Infosys
brought
a number of proprietary accelerators to the table as part of the
virtualization which helped us to deliver the solution rapidly.
But beyond that, Infosys brought in a number of different people
capabilities. We took a progressive approach around migration of
the underlying applications. There were two very big releases.
Infosys worked with us every step of the way."
* zooplus and Infosys have entered into a strategic eight- year
collaboration to set up an AI-led product and technology hub in
Hyderabad, India. Markus Hermanutz, Chief Information Officer,
zooplus SE, said, "We are excited to have selected Infosys to set
up a new AI-led hub through which we will drive our business
growth ambition. With Infosys Topaz, we will achieve productivity
and efficiency at scale, and attract the right talent for
upcoming
transformations across our e-commerce value chain."
* Infosys is expanding its successful collaboration with Hasbro,
building on their initial achievements in the SAP S4
implementation. Together, they are advancing their relationship
and strategy globally through a multi-year strategic engagement.
Leveraging Infosys's expertise in AI and a proven experience led
cognitive approach, Infosys is poised to support Hasbro's global
business. This collaboration aims to drive operational
excellence,
foster innovation, and deliver superior experiences at scale for
both customers and employees worldwide. Steve Zoltick, CIO &
Head,
Global Business Enablement, Hasbro, said, "Infosys is bringing
the
right talent to our collaboration allowing us to enhance our
capabilities and achieve our Global Business Enablement goals".
* Infosys Finacle successfully implemented the Finacle Digital
Lending Solution Suite in a Software-as-a-Service (SaaS) mode for
Regional Investment Corporation (RIC) which included the adoption
of the Finacle Online Banking and Finacle Alerts Solution. Chris
Rawlins, Executive Director Transformation, Regional Investment
Corporation (RIC), said, "At RIC, our mission is to nurture the
growth of the Australian farm businesses through affordable
loans,
while also ensuring their resilience and profitability. With the
Infosys Finacle Lending solution, we have a proven technology
platform to support the evolving demands of our business and
customers, with the agility to roll out new products and
regulations as mandated by the Federal Government. The nine-month
implementation by the Infosys Finacle team was delivered on
schedule and we are impressed by the team's commitment to
facilitate RIC in achieving a smooth transition without any
disruptions to our customers."
* Infosys and Handlesblatt Media Group announced a strategic
collaboration to support the Handelsblatt Research Institute
(HRI)
in making complex reports on global economic and financial topics
more accessible and easily consumable for the public, by
leveraging Infosys Topaz, an AI-first set of services, solutions
and platforms using generative AI technologies. Dr. Jan
Kleibrink,
Managing Director, Handelsblatt Research Institute, said, "We are
excited to collaborate with Infosys to offer cutting-edge,
AI-enabled trend reports. One of the core tasks of the
Handelsblatt Research Institute is to present complex economic
relationships and the results of scientific analysis to a broad
readership. We achieve this with texts of the highest
journalistic
quality and visual storytelling based on high-quality
infographics. With Infosys as our AI and digital innovation
partner, we now move to the next level of digital storytelling
that is powered by AI."
6. Recognitions & Awards
AI and Cloud Services
* Awarded ISO 42001:2023 certification for implementing an
Artificial Intelligence Management System framework
* Positioned as a leader in IDC MarketScape Worldwide Higher
Education Cloud Professional Services Vendor Assessment
* Positioned as a leader in HFS Horizons: Assuring the Generative
Enterprise™, 2024
* Rated as a leader in ISG's Multi Public Cloud Services Provider
Lens™ study
* Rated as a leader in ISG's Intelligent Automation - Solutions and
Services Provider Lens™ study in US and Europe
Key Digital Services
* Rated as a leader in The Forrester Wave™: Application
Modernization And Migration Services, Q1 2024
* Positioned as a leader in the Unified Communication &
Collaboration (UCC) Specialist Services PEAK Matrix® Assessment
2024 by Everest and ranked #1 in the UCC rating by Everest
* Rated as a leader in Pega Services PEAK Matrix® Assessment 2024
by
Everest
* Positioned as a leader in Application Transformation Services
PEAK
Matrix® Assessment 2024 – North America by Everest
* Positioned as a leader in Application Transformation Services
PEAK
Matrix® Assessment 2024 – Europe by Everest
* Positioned as a leader in Software Product Engineering Services
PEAK Matrix® Assessment 2024 by Everest
* Rated as a leader in Talent Readiness for Next-generation IT
Services PEAK Matrix® Assessment 2023 by Everest
* Positioned as a leader in IDC MarketScape: Worldwide Blockchain
Services 2024 Vendor Assessment
* Rated as a leader in Cyber Resiliency NEAT 2024 by NelsonHall
* Rated as a leader in Salesforce Services 2024 NEAT 2024 by
NelsonHall
* Rated as a leader in ShortList 2024: Custom Software Development
Services by Constellation Research
* Rated as a leader in ShortList 2024: Innovation Services and
Engineering by Constellation Research
* Rated as leader in ShortList 2024: Learning Marketplaces by
Constellation Research
* Rated as leader in ShortList 2024: Microsoft End-to-End Service
Providers by Constellation Research
* Rated as leader in ShortList 2024: QA Tools for NextGen Apps by
Constellation Research
* Recognized as a leader in Avasant's Retail Digital Services 2024
Radarview™
* Recognized as a leader in Avasant's SAP S/4HANA Services
2023–2024
Radarview
* Rated as a leader in ISG's Environmental, Social and Governance
Services (ESG) Provider Lens™ study in US, Europe and Global
Industry & Solutions
* Positioned as a leader in Retail IT Services PEAK Matrix®
Assessment 2024 by Everest
* Positioned as a leader in HFS Horizons: Manufacturing Intelligent
Operations Services, 2024
* Positioned as a leader in HFS Horizons: The Best Service
Providers
for Asset and Wealth Management
* Rated as a leader in ESG Services in Banking 2024 by NelsonHall
* Rated as a leader in Innovation Radar – Salesforce Related
Services in Europe: The Communications & Media View by PAC, The
Manufacturing View by PAC, The Energy & Utilities View by PAC,
and
The Financial Services View by PAC
* Infosys Finacle along with its customers, won multiple industry
awards at the Retail Banker International Asia Trailblazer Awards
2024. These include Infosys Finacle Mobile Teller awarded for
Most
Innovative Branch Offering; Infosys Finacle and HDFC awarded for
Excellence in Mass Affluent Banking; Infosys Finacle and South
Indian Bank awarded for Best CSR Initiative – Environmental
Impact; Infosys Finacle and Suryoday Bank awarded for Best Core
Banking System Initiative
* Infosys BPM and T-Mobile won the SSON North America Impact Award
2024, in the Creative Talent Management category
* Infosys BPM recognized at the ISG Digital Case Study Research and
Awards 2023 with 3 STANDOUT winners: Banking and Financial
Services (India), Communications (Asia Pacific), Retail (UK,
Ireland, Scandinavia)
* Infosys BPM won the Best Workplace Diversity Award, at HR Tech
Summit & Awards 2024
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, our future financial or operating performance, and the
McCamish cybersecurity incident review and notification process 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 ability to effectively
implement a hybrid working model, macro-economic and geo-political
situations, technological innovations such as Generative AI, the
complex and evolving regulatory landscape including immigration
regulation changes, onerous terms and conditions in customer
contracts, our ESG vision, our capital allocation policy and
expectations concerning our market position, future operations,
margins, profitability, liquidity, capital resources, our corporate
actions including acquisitions, the findings of the ongoing review of
the extent and nature of accessed or exfiltrated data in relation to
the McCamish cybersecurity incident and reaction to such findings,
the timing of the review and notification process, and the amount of
any additional costs, including indemnities or damages / claims,
resulting from the incident. 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)
March 31,
2024 March 31, 2023
ASSETS
Current assets
Cash and cash equivalents 1,773
1,481
Current investments 1,548
841
Trade receivables 3,620
3,094
Unbilled revenue 1,531
1,861
Other Current assets 2,250
1,349
Total current assets 10,722
8,626
Non-current assets
Property, plant and equipment and Right-of-use assets 2,323
2,516
Goodwill and other Intangible assets 1,042
1,095
Non-current investments 1,404
1,530
Unbilled revenue 213
176
Other non-current assets 819
1,369
Total non-current assets 5,801
6,686
Total assets 16,523
15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables 474
470
Unearned revenue 880
872
Employee benefit obligations 314
292
Other current liabilities and provisions 2,983
3,135
Total current liabilities 4,651
4,769
Non-current liabilities
Lease liabilities 767
859
Other non-current liabilities 500
460
Total non-current liabilities 1,267
1,319
Total liabilities 5,918
6,088
Total equity attributable to equity holders of the 10,559
9,172
company
Non-controlling interests 46
52
Total equity 10,605
9,224
Total liabilities and equity 16,523
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 3 months ended
Year ended Year ended
March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023
Revenues 4,564 4,554
18,562 18,212
Cost of sales 3,219 3,164
12,975 12,709
Gross profit 1,345 1,390
5,587 5,503
Operating expenses:
Selling and marketing expenses 209 202
842 776
Administrative expenses 219 231
911 902
Total operating expenses 428 433
1,753 1,678
Operating profit 917 957
3,834 3,825
Other income, net (3) 315 72
512 300
Profit before income taxes 1,232 1,029
4,346 4,125
Income tax expense 273 284
1,177 1,142
Net profit (before minority 959 745
3,169 2,983
interest)
Net profit (after minority 958 744
3,167 2,981
interest)
Basic EPS ($) (4) 0.23 0.18
0.77 0.71
Diluted EPS ($) (4) 0.23 0.18
0.76 0.71
NOTES:
1. The above information is extracted from the audited condensed
consolidated Balance sheet and Statement of Comprehensive Income
for the quarter and year ended March 31, 2024, which have been
taken on record at the Board meeting held on April 18, 2024.
2. A Fact Sheet providing the operating metrics of the Company can
be downloaded from [1] www.infosys.com .
3. Other income is net of Finance Cost.
4. Includes interest income (pre-tax) of $232Mn and reversal of net
tax provisions amounting to $5Mn on account of orders received
under sections 250 & 254 of the Income Tax Act, 1961, from the
Income Tax Authorities in India for certain assessment years.
This
has resulted in a positive impact on the consolidated Basic and
Diluted EPS by approximately $0.06 for the quarter and year ended
March 31, 2024.
5. As the quarter and year ended figures are taken from the source
and rounded to the nearest digits, the quarter figures in this
statement added up to the figures reported for the previous
quarters might not always add up to the year ended figures
reported in this statement.
1.
http://www.infosys.com/
IFRS-INR Press Release:
https://www.infosys.com/investors/reports-filings/quar...
023-2024/q4/documents/ifrs-inr-press-release.pdf
Fact sheet:
https://www.infosys.com/investors/reports-filings/quar...
023-2024/q4/documents/fact-sheet.pdf
Logo:
https://mma.prnewswire.com/media/633365/Infosys_Logo.jpg
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ge-deal-tcv-of-4-5-billion-in-q4-and-record-17-7-billion-in-fy24-crea
te-robust-foundation-for-growth-302121003.html
Digital press kit:
http://www.ots.at/pressemappe/PR38775/aom
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