Infosys Registers 19% Revenue Growth In Q2; Proposes Interim Dividend, $1B Buyback

Infosys Ltd INFY reported second-quarter FY23 revenue growth of 18.8% year-on-year to $4.56 billion (CC), beating the consensus of $4.53 billion.
The Q2 sequential growth was 4%. TCV of significant deal win was $2.7 billion, the highest in the last seven quarters.
Digital revenue grew 31.2% Y/Y to $2.82 billion, while Core revenue stood at $1.74 billion.
The operating margin expanded 150 bps sequentially to 21.5%. EPS of $0.18 was in line with the consensus.
Infosys held $3.28 billion in cash and equivalents.
Dividend & Buyback: The Board proposed an interim dividend of $0.20 per ADS, increasing 10% Y/Y, and an open market share buyback of $1.13 billion.
"Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation", said Salil Parekh, CEO, and MD.
FY23 Revenue Outlook: Infosys narrowed the growth guidance to 15% - 16% from the previous 14% - 16% CC.
Price Action: INFY shares closed lower by 0.18% at $17.10 on Wednesday.
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