Infosys Boosts Revenue Guidance Amid Demand Surge

Infosys, India's second-largest IT services exporter, reported a near 5% rise in Q2 net profit, driven by a surge in demand, mainly from financial industry clients. The company raised its revenue guidance for FY24, highlighting a ramp-up in mega deals and robust growth in financial services.

Infosys Ltd, one of India's leading IT services exporters, announced a close to 5% increase in net profit for its second quarter, alongside a higher revenue forecast for the fiscal year. This growth is mainly attributed to enhanced demand from key financial sector clients.

During the period of July to September, the company reported a consolidated net profit of Rs 6,506 crore, marking a 4.7% rise from last year's figures and a 2.2% increase from the previous quarter. Despite the positive performance, Infosys ADRs slid over 2% in pre-market trading in the US, missing market expectations.

Increased mega deal signings have bolstered the firm's confidence, prompting it to revise revenue growth projections to 3.75-4.5% for the financial year ending March 2025, up from an earlier forecast of 3-4%. The company aims to onboard up to 20,000 freshers within the year, emphasizing its commitment to recruitment.

(With inputs from agencies.)