Infosys Trims FY24 CC Revenue Growth Guidance

Infosys reports its second-quarter earnings with net profit growth of nearly 5% at Rs 6,212 crores on a sequential basis. The company, although trimmed the upper band of its constant currency revenue growth guidance range for FY24 to 1-2.5% from 1-3.5% given last quarter. This comes after the company in its last quarter earnings squashed the range from 4-7% to 1-1.35%.

The Indian IT giant, although, kept its operating margin guidance unchanged in the range of 20-22% for FY24. The company reported a growth of 40 basis points in its Q2FY24 earnings at 21.2% on a quarter-on-quarter basis. The constant currency revenue growth for the quarter came in at 2.3% vs 1% QoQ. The large deal total contract value (TCV) saw a sharp surge of more than 200% this quarter and came at $7.7 billion vs $2-2.5 billion QoQ.

The shares of Infosys recorded a decline of nearly 3% in today's trade with the stock ending at Rs 1,452.25 per share. The second quarter earnings were in line with the street expectations.