Infy net profit down 7.3% in Q3; campus hiring unlikely

New Delhi: The country's second-largest IT services firm Infosys on Thursday reported a lower-than-expected 7.3 per cent fall in net profit in the December quarter on sluggish demand from clients and cut its annual sales forecast.

The company posted a net profit (attributable to shareholders) of Rs 6,106 crore compared to Rs 6,586 crore in the year-ago period, Infosys said in a regulatory filing.

"Our performance in the third quarter was resilient. Large deal wins were strong at USD 3.2 billion, with 71 per cent of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency, and automation. This is the highest deal win in the nine quarters that the company has ever had," Infosys CEO and MD Salil Parekh said. Infosys' employee count reduced about 7 per cent year-on-year to 3,22,663 and about 1.8 per cent as compared to the previous quarter.

Infosys Chief Financial Officer Nilanjan Roy said the company continues to monitor employees' utilisation and indicated the company may not go for campus hiring in the absence of demand. ...But TCS reports 8.2 pc growth in net profit.

The country's largest software exporter TCS on Thursday reported an 8.2 per cent growth in net profit for the December quarter at Rs 11,735 crore.

The company said its revenue for the reporting quarter grew 4 per cent to Rs 60,583 crore driven by strong doubledigit growth in emerging markets, led by India.

The topline growth was also led by energy, resources and utilities, manufacturing, and life sciences & healthcare, the company said in a statement.

The company's order book stood at USD 8.1 billion, it said, adding net cash from operations stood at Rs 11,276 crore. (PTI)