Country’s top IT services company Infosys Ltd announced its financial results for the quarter ended March 31, 2023 (Q4FY23). The company’s net profit rose 8 percent to Rs 6,128 crore while its revenue from operations increased 16 percent (YoY) in the said quarter.

Meanwhile, Infosys’ rival and biggest IT company TCS had on April 12 reported a 14.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 11,392 crore for Q4FY23.

Infosys Q4 results LIVE: Operating profit rises 13% YoY to Rs 7,877 crore
Operating profit for the company came at Rs 7,877 crore, up 13 percent compared to Rs 6,956 reported in the March 2022 quarter. In the previous quarter, operating profit stood at Rs 8,242 crore. Operating margincontracted0.5 percent on a yearly as well as sequentially to 21 percent.

At constant currency, the company’s revenue grew by 8.8 percent on-year during the fourth quarter, and by 15.4 percent during the entire fiscal year.

Infosys’ headcount declines by 3,611 employees in Q4
Infosys’ headcount growth for the year 2022-2023 was 29,219 employees, down 46 percent from last year’s net addition of 54,396.

With this, Infosys’ headcount stands at 3,43,234 as of March 31, 2023. This is the first time since the Covid-hit quarter of FY21 that Infosys is ending a quarter with fewer employees than it had at the end of the previous quarter.

In the same quarter last year, Infosys added 21,948 employees.Our continued focus on cost optimization and operational efficiencies have helped in achieving operating margins of 21.0% in FY23, said Nilanjan Roy, Chief Financial Officer.