- Infosys Ltd (NYSE: INFY) reported fourth-quarter results Thursday morning that missed Street expectations.
- INFY reported fourth-quarter FY23 revenue growth of 6.4% year-on-year to $4.55 billion, missing the consensus of $4.74 billion.
- Revenues in CC terms grew by 8.8% Y/Y and declined by 3.2% Q/Q.
- TCV of significant deal win was $2.1 billion. Digital revenue grew 15% Y/Y in CC.
- The operating margin declined by 50 bps to 21.0%. EPS of $0.18 missed the consensus of $0.19.
- Infosys held $2.3 billion in cash and equivalents.
- Dividend: For FY23, the board has recommended a final dividend of ₹17.50 per share ($0.21 per ADS). Together with the interim dividend of ₹16.50 per share already paid, the total dividend per share for FY23 will amount to ₹34.00 ( $0.41 per ADS), a 9.7% increase over FY22.
- "Our strong performance in FY23 is a testimony to the continued focus on digital, cloud, and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms," said Salil Parekh, CEO, and MD. "As the environment has changed, we see strong interest from our clients for efficiency, cost, and consolidation opportunities, resulting in a strong large deal pipeline."
- FY24 Revenue Outlook: Infosys expects $18.94 billion - 19.49 billion, implying growth of 4%-7% in constant currency (consensus $20.08 billion).
- Price Action: INFY shares traded lower by 5.45% at $16.14 in the premarket on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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