Infosys (INFY) — concall transcript

📢 Key Event
Infosys revises FY24 revenue growth guidance downward to 1-3.5% constant currency amid delayed mega deals and discretionary spending slowdown.

🔄 What Changed
Revenue growth guidance lowered from 4-7% to 1-3.5% constant currency; large deal value reached $2.3bn (56% net new) with $2bn mega deal announced post-quarter; operating margin held at 20.8% in Q1; headcount declined 2% to 336,000; free cash flow was $699 million.

🔮 What's Next
Revenue growth guidance of 1-3.5% constant currency for FY24; operating margin target of 20-22% for FY24; expects mega deals and large deals to drive results later in the year; margin expansion program underway with active compensation hike considerations.

💡 Investor Takeaway
Lower growth guidance reflects macro slowdown, not weak demand, with strong large deals and AI traction supporting future recovery.

Infosys revised FY24 revenue growth guidance to 1-3.5% constant currency from 4-7% due to delayed mega deals and discretionary spending slowdown in financial services, telecom, and hi-tech sectors, while reporting 4.2% YoY constant currency growth, 20.8% operating margin, $2.3bn large deal value (56% net new), and 80 active generative AI projects; margin guidance remains 20-22%, headcount fell 2% to 336,000, and free cash flow was $699 million.

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About Infosys Ltd (INFY)

Information Technology · IT - Software · Listed on BSE

Market Cap: ₹4,62,239.38 Cr P/E: 15.4 ROE: 32.7% ROCE: 44.9% Div Yield: 4.21%

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🔥 Also filed on 30 June 2023

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