18.07.2024,
20977 Zeichen
Bengaluru, India (ots/PRNewswire) - Revenue guidance at 3%-4% and
operating margin guidance at 20%-22%
Highest Free Cash Flow at $1.1 billion; Record number of large deals
at 34 with $4.1 billion TCV
Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in
next-generation digital services and consulting, delivered $4,714
million in Q1 revenues with a sequential growth of 3.6% and year on
year growth of 2.5% in constant currency. Operating margin was at
21.1%, a sequential expansion of 1%. Free cash flow was highest ever
at $1,094 million, an increase of 56.5% year over year. Number of
large deal wins were highest ever at 34 with TCV of $4.1 billion,
57.6% being net new.
"We had an excellent start to FY25 with strong and broad-based
growth, operating margin expansion, robust large deals, and highest
ever cash generation. This is a testimony to our differentiated
service offerings, enormous client trust, and relentless execution",
said Salil Parekh, CEO and MD. "With our focused approach for
generative AI for enterprises working with their data sets on a cloud
foundation, we have strong traction with our clients. This is
building on our Topaz and Cobalt capabilities" he added.
3.6% QoQ 21.1% 7.0% YoY
$4.1 Bn $1.1 Bn
2.5% YoY Operating EPS Increase
Large Deal Free
CC Growth Margin (₹ terms)
TCV Cash Flow
Guidance for FY25:
* Revenue growth of 3%-4% in constant currency
* Operating margin of 20%-22%
1. Key highlights:
For the quarter ended June 30, 2024
* Revenues in CC terms grew by 2.5% YoY and by 3.6% QoQ
* Reported revenues at $4,714 million, growth of 2.1% YoY
* Operating margin at 21.1%, growth of 0.3% YoY and 1.0% QoQ
* Basic EPS at $0.18, increase of 5.4% YoY
* FCF at $1,094 million, growth of 56.5% YoY; FCF conversion at
143.2% of net profit
"Our relentless drive on cost optimization through Project Maximus, a
comprehensive margin expansion program, is reflected in the all-round
improvement in key operating metrices leading to 1.0% growth in
operating margin in Q1", said Jayesh Sanghrajka, CFO. "We had the
highest ever FCF generation at $1.1 bn and ROE increased to 33.6% due
to higher payouts to investors", he added.
2. Update on in-tech acquisition
Infosys has completed the acquisition of in-tech, a leading
Engineering R&D services provider focused on German automotive
industry. This follows the announcement the company made on April 18,
2024.
Headquartered in Germany, in-tech, is one of the fastest growing
Engineering R&D services providers that shapes digitization in the
automotive, rail transport and smart industry sectors. in-tech
develops solutions in e-mobility, connected and autonomous driving,
electric vehicles, off-road vehicles and railroad. in-tech brings to
Infosys, marquee German original equipment manufacturers, deep client
relationships, and an extensive industry expertise with a
multidisciplinary team of 2,200 people across locations in Germany,
Austria, China, UK, and nearshore locations in Czech Republic,
Romania, Spain, and India.
The entire shareholding in in-tech Group India Private Limited, a
step-down subsidiary of in-tech Holding GmbH, will be acquired by
Infosys Limited. Infosys is delighted to welcome in-tech and its
leadership team.
3. Client wins & testimonials
* Infosys announced a strategic multi-year collaboration with
Telstra to accelerate its software engineering and IT
transformation journey and further enhance their customer
experience. Kim Krogh Andersen, Group Executive, Product and
Technology, Telstra, said, "Consumers around the world have
significantly increased their expectations when it comes to the
seamless, digital delivery of their products and services. As we
approach the tipping point of Generative AI and an avalanche of
digital adoption, strategic partnerships with global leaders such
as Infosys are critical to support our shared ambitions for
digital leadership."
* Infosys launched Infosys AsterTM – a set of AI-amplified
marketing
services, solutions and platforms that deliver engaging brand
experiences, enhanced marketing efficiency, and accelerated
effectiveness for business growth. Tom Portman, Group VP, Online
Transformation and Group Head of Digital Channels, ABB, said,
"Infosys Aster™ is bringing expertise to help us reimagine,
engineer, and activate best-in-class omnichannel experiences for
our customers, partners, and prospects enabling them to quickly
access the relevant and up to date information they need. We see
the potential of AI to amplify these capabilities and
significantly raise the bar in the delivery of personalized
content, ensuring predictability of engagement. We are elevating
the way we connect with our customers and how our customers
connect with us."
* Infosys collaborated with La-Z-Boy to establish a Testing Center
of Excellence. Infosys will provide comprehensive Quality
Engineering services by leveraging modern technologies and AI
automation tools. Carol Lee, CIO, La-Z-Boy, said, "We chose
Infosys as our strategic partner due to their impressive track
record of establishing strong testing center of excellence along
with providing comprehensive testing services by leveraging their
QA methodologies, industry leading tools, transforming QA powered
by Gen AI, AI/ML led tools and accelerators."
* Infosys announced a strategic three-year partnership with the ABB
FIA Formula E World Championship as its official Digital
Innovation Partner. Jeff Dodds, Chief Executive Officer, Formula
E,
said, "Infosys' expertise in cutting-edge technologies makes them
the ideal partner to help us drive the future of electric
motorsport. We are excited to work with them to deliver
exceptional experiences for our global fan base and further
strengthen Formula E's position as a leader in sustainable,
digital-first sports. Infosys' commitment to sustainability and
innovation aligns perfectly with our vision, and we are confident
that this collaboration will unlock new avenues in our key focus
areas."
* Infosys announced a multi-year strategic collaboration with First
Abu Dhabi Bank (FAB) to optimize and modernize FAB's IT
infrastructure services. Suhail Bin Tarraf, Group Chief Operating
Officer, First Abu Dhabi Bank (FAB), said, "At FAB, we are
committed to transforming our IT organization and delivering
world-class services that drive tangible business outcomes. After
a thorough evaluation, we selected Infosys as our strategic
partner due to their proven expertise, innovative solutions, and
the strong trust they built at all levels. Infosys'
outcome-oriented managed services model coupled with their
automation-powered delivery approach will help us significantly
improve service quality, compliance, and operational efficiency."
* Infosys and Posti extended their strategic collaboration to help
Posti enhance its customer experience and operational efficiency,
leveraging Infosys Topaz. Petteri Naulapää, CIO & SVP, ICT and
Digitalization, Posti Group, said, "We are pleased to announce
the
renewal of our collaboration with Infosys for another seven
years.
This decision is underpinned by a robust service delivery coupled
with a spirit of continuous innovation by leveraging enterprise
AI
capabilities through Infosys Topaz. Infosys' continuous
commitment
to delivering customer satisfaction and a sharp focus on emerging
technologies such as cloud, data, and AI will help in catalysing
Posti's digital transformation journey in line with its larger
corporate strategy of delivering on an industry-leading
operational efficiency."
* Infosys collaborated with Proximus to revamp their ServiceNow
platform by leveraging Infosys Cobalt. Antonietta Mastroianni,
Chief Digital and IT Officer, Proximus, said, "Our collaboration
with Infosys marks a transformative leap in reshaping the telecom
realm. Infosys' technical expertise in transforming legacy
environments with the ServiceNow platform makes it an ideal
choice
for collaboration. Together, we will continue to revolutionize
service delivery and provide enhanced customer experience."
* Infosys announced successful completion of the technology
landscape separation program of Team Global Express. Danny
Gravell, CIO of Team Global Express, said, "Our partnership with
Infosys enabled us to successfully set up an independent
technology capability and transform our foundation technology
platforms. We value Infosys' thought leadership, collaborative
approach, and experience in implementing infrastructure and cloud
transformation programs as a true strategic partner. By using the
ready-to-use templates from Infosys Cobalt, we could complete the
transformation at speed with maximum efficiency. This program has
enabled us to work towards providing the best possible experience
for our customers."
* Infosys collaborated with Commerzbank to consolidate their
trading
ecosystem on a unified Murex platform to help the bank accelerate
its digital transformation journey. Sebastian Kauck, CIO
Corporate
Clients, Commerzbank, said, "The successful platform
consolidation
is a major achievement after three years of hard work. Throughout
this project, the collaboration of our internal teams with Murex,
Infosys and other external partners has always been an integral
part to its success. The new setup enables Commerzbank to
significantly enhance process efficiency and simultaneously
reduce
costs. Additionally, it lays the foundation for future business
growth as adapting to market changes can be done more swiftly."
4. Recognitions & Awards
Brand
* Rated as Top 100 most valuable brand in the world by Kantar
BrandZ; Ranked among the most-trusted brands in India and the US
* Recognized as one of India's Best Employers Among Nation-Builders
2024 by the Great Place To Work® Institute
* Recognized as one of India's Best Companies to Work for 2024 by
the Great Place To Work® Institute
* Infosys was recognized as one of the "Most Honored" companies,
receiving multiple awards at the 2024 All-Asia Executive Team
Rankings from Institutional Investor
* Infosys' Investor Relations (IR) function has been recognized one
of the top two IR Functions amongst Indian companies in an annual
survey conducted by FinanceAsia
AI and Cloud Services
* Positioned as a leader in HFS Horizons: Industry Cloud Service
Providers, 2024
* Recognized as a leader in Avasant's Applied AI Services 2024
Radarview
Key Digital Services
* Rated as a leader in The Forrester Wave: Continuous Automation
And
Testing Services, Q2 2024
* Recognized as a leader in Capital Markets IT Services PEAK Matrix
Assessment 2024 by Everest
* Positioned as a leader in ISG's SAP Ecosystem 2024 Provider Lens
study in US, Germany, and Global
* Positioned as a leader in ISG Salesforce Ecosystem Partners 2024
Provider Lens study in US
* Recognized as a leader in Avasant's Cybersecurity Services 2024
Radarview
* Recognized as a leader in Avasant's Multisourcing Service
Integration 2023–2024 Radarview
* Infosys-Fluido won 'Best Salesforce Partner to Work For' at the
2024 Digital Revolution Awards
Industry & Solutions
* Rated as a leader in Healthcare Industry Cloud Services PEAK
Matrix Assessment 2024 by Everest
* Recognized as a leader in Wealth & Asset Management 2024 by
NelsonHall
* Positioned as a leader in IDC MarketScape: Worldwide Distributed
Energy Resource Management Systems Service Providers 2024 Vendor
Assessment
* Positioned as a leader in IDC MarketScape: Worldwide Consulting
and Digital Services Providers for the Upstream Oil and Gas
Industry 2024 Vendor Assessment
* Positioned as a leader in IDC MarketScape: Worldwide Consulting
and Digital Services Providers for the Downstream Oil and Gas
Industry 2024 Vendor Assessment
* Recognized as a leader in Avasant's Manufacturing Digital
Services
2024 Radarview
* Infosys Finacle won the 'Innovation in Offering Award with RCBC
DiskarTech' and the 'Customer & Program Impact Award with
IndusInd
Bank' at the IBSi Digital Banking Awards 2024
* Infosys BPM recognised as a leader in 2024 Gartner Magic Quadrant
for Finance and Accounting Business Process Outsourcing
* Infosys BPM won the SS&C Blue Prism Partner Excellence Award
2024,
under the 'Intelligent Automation Award' category for the APAC
Region
* Infosys BPM won two awards at ATD 2024: 'Excellence in Practice
Award 2024' and 'ATD Best Award 2024'
* Infosys BPM won the PeopleFirst HR Excellence Award 2024, in the
'Learning & Development' category
* Infosys BPM won an award at the CII National Lean Competition
2024
Read more about our Awards & Recognitions here.
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,
increased competition for talent, our ability to attract and retain
personnel, increase in wages, investments to reskill our employees,
our ability to effectively implement a hybrid working model, economic
uncertainties and geo-political situations, technological disruptions
and 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, our corporate actions including
acquisitions, the findings of the review of the extent and nature of
data subject to unauthorized access and exfiltration in relation to
the McCamish cybersecurity incident and reaction to such findings,
the timing of the notification process, and the amount of any
additional costs, including indemnities or damages or claims,
resulting directly or indirectly 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,
2024. 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, 2024
March 31, 2024
ASSETS
Current assets
Cash and cash equivalents 1,971
1,773
Earmarked bank balance for dividend (4) 1,394
-
Current investments 1,051
1,548
Trade receivables 3,709
3,620
Unbilled revenue 1,511
1,531
Other Current assets 1,882
2,250
Total current assets 11,518
10,722
Non-current assets
Property, plant and equipment and Right-of-use assets 2,285
2,323
Goodwill and other Intangible assets 1,055
1,042
Non-current investments 1,340
1,404
Unbilled revenue 198
213
Other non-current assets 874
819
Total non-current assets 5,752
5,801
Total assets 17,270
16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables 443
474
Unearned revenue 834
880
Employee benefit obligations 336
314
Other current liabilities and provisions 4,473
2,983
Total current liabilities 6,086
4,651
Non-current liabilities
Lease liabilities 740
767
Other non-current liabilities 441
500
Total non-current liabilities 1,181
1,267
Total liabilities 7,267
5,918
Total equity attributable to equity holders of the 9,956
10,559
company
Non-controlling interests 47
46
Total equity 10,003
10,605
Total liabilities and equity 17,270
16,523
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, 2024
30, 2023
Revenues 4,714
4,617
Cost of sales 3,259
3,211
Gross profit 1,455
1,406
Operating expenses:
Selling and marketing expenses 232
217
Administrative expenses 229
228
Total operating expenses 461
445
Operating profit 994
961
Other income, net (3) 88
57
Profit before income taxes 1,082
1,018
Income tax expense 318
294
Net profit (before minority interest) 764
724
Net profit (after minority interest) 763
724
Basic EPS ($) 0.18
0.17
Diluted EPS ($) 0.18
0.17
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, 2024, which have been taken on
record at the Board meeting held on July 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. Represents bank balance earmarked for final and special
dividend.
Payment date for dividend was July 1, 2024.
1.
http://www.infosys.com/
IFRS-INR Press Release:
https://www.infosys.com/investors/reports-filings/quar...
024-2025/q1/documents/ifrs-inr-press-release.pdf
Fact sheet:
https://www.infosys.com/investors/reports-filings/quar...
024-2025/q1/documents/fact-sheet.pdf
Logo:
https://mma.prnewswire.com/media/633365/4364085/Infosys_L...
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content:https://www.prnewswire.co.uk/news-releases/infosys-stellar-al
l-round-performance-with-3-6-sequential-revenue-growth-in-cc-1-operat
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Digital press kit:
http://www.ots.at/pressemappe/PR38775/aom
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