WEB Infosys Announces Strong Financial Results for Q1 2023
Key Highlights
- Price target decreased by 75 to 1584
- Profit rises by 10.9% to Rs 5,945 crore
- FY24 revenue guidance revised to 10-35%
- Attrition rate declines to 17.3%
Financial Performance
WEB Infosys, a global leader in digital services, reported robust financial results for the first quarter ended June 30, 2023. The company's profit rose by 10.9% to Rs 5,945 crore compared to the same period last year. This growth was driven by strong demand for the company's digital services.
Revised Revenue Guidance
Infosys has revised its revenue guidance for the full year of 2024 to 10-35%. This is a slight decrease from the previous guidance of 12-14%. The revision is due to the ongoing economic uncertainty and the impact of the Russia-Ukraine conflict.
Attrition Rate Declines
Infosys reported a further decline in its attrition rate to 17.3% during the first quarter of the year. This is a significant improvement from the 26% attrition rate reported in the same period last year. The company attributed the decline to its employee-friendly policies and strong growth prospects.
Analyst Commentary
Analysts have mixed reactions to Infosys' financial results. Some believe that the company's strong performance and revised guidance indicate its resilience in the face of economic headwinds. Others remain cautious, citing the ongoing economic uncertainty.
Conclusion
WEB Infosys' financial results for the first quarter of 2023 provide evidence of the company's continued growth and resilience. The revised revenue guidance reflects the company's cautious approach to the current economic environment. Investors should continue to monitor the company's progress in the coming quarters.
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