IT services giant Infosys Ltd. (NYSE: INFY) reported revenue as measured in US dollars rose 21.4% in constant currency in its fiscal first quarter ended June 30.
“We are investing in rapid talent expansion while ensuring rewarding careers for our employees to better serve evolving market opportunities,” CEO and Managing Director Salil Parekh said. “This has resulted in a strong performance in Q1 and increase in FY 23 revenue guidance to 14% to 16%.”
Net hiring at Infosys was 21,171 in the first quarter.
|(US$ millions)||Q1 2023||Q1 2022||% change||% constant currency|
|Gross margin percentage||29.3%||33.7%|
“We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive compensation revisions,” CFO Nilanjan Roy said. “While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth.”
Infosys estimated revenue growth to be between 14% and 16% in constant currency for its full fiscal year ending March 31, 2023. That compares to a previous estimate of between 13% and 15%.
Share price and market cap
Shares in Infosys were down 1.69% to $18.56 as of 2:07 p.m. today in New York; they were 5.94% above their 52-week low, according to FT.com. The company had a market cap of $79.11 billion.