India Business News: TCS (Tata Consultancy Services) and Infosys, two of India's top software exporters, will begin the fourth quarter earnings season this month. It's expected to be a modest quarter for IT firms.
Infosys has received a tax demand of Rs 341 crore for assessment year 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order.
Infosys Q3 Results Live Updates: The Bengaluru-based Infosys will release its earnings post market hours on Thursday, 11th January. While December quarter is seasonally weak for the information technology sector, it probably got worse for Infosys, as the IT major is expected to report a drop in numbers across parameters.
Infosys will announce its October-December quarter earnings on January 11, Thursday. The company witnessed a setback in the form of a recent termination of a $1.5 billion AI deal with an unnamed global company, which Elara said, added to the company's growth headwinds in the near term.
Infosys Q2 Results Live:Infosys Ltd on Thursday reported a 3% year-on-year (YoY) growth in consolidated net profit for the quarter ended September to Rs 6,212 crore. Consolidated revenue grew nearly 7% YoY to Rs 38,994 crore. An ETNow poll saw the net profit and revenue at Rs 6,170 crore and Rs 38,350 crore, respectively. The board has recommended an interim dividend of Rs 18 a share. In an unexpected move, the software major yet again tweaked its guidance for FY24. Infosys sees revenue growing 1.0-2.5% in constant currency terms in FY24, compared to 1.0-3.5% earlier. While Infosys cut the upper end of its revenue growth guidance, the company retained its operating margin target of 20-22%.
Infosys performance: Infosys trims revenue growth guidance to 1%-2.5% for FY24.Infosys maintains 20%–22% operating margin guidance for the year. Infosys reports a 3.2% YoY rise in Q2 net profit to ₹6,212 crore.
Infosys Q1 Results Live: The IT major will post its Q1 results post market hours on Thursday. Analysts expect Infosys' profit to grow between 14-18% on a YoY basis. While sequentially, Profit After Tax could rise around 3% to between Rs 6100 to Rs 6300 crore.Brokerage Motilal Oswal said it expects muted revenue growth because of project cancellations. Average estimates signal revenue could rise by just 1% QoQ while on YoY basis, it may grow 10%.Infosys' operating margin could decline by a 100 bps due to muted revenue performance and impact of wage hike .
The earnings season is about to start next week in Asia, with Taiwan Semiconductor Manufacturing and Infosys Ltd set to announce results. The downturn of the global tech industry has deepened after the pandemic and recession fears affected consumer sentiment. The curbs imposed by China on two essential metals used in chips