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Infosys Ltd Reports 30% Rise in Net Profit

Tech bellwether Infosys Ltd has reported a 30 per cent rise in net profit at Rs 7,969 crore for the quarter ended March 2024 (Q4) as against Rs 6,128 crore in the same period of last year even as operating margin declined marginally.

The company’s revenues stood at Rs 37,923 crore, reflecting a growth of 1.3 per cent from Rs 37,441 crore a year ago. Operating margin at 20.1 per cent showed a decline of 0.9 per cent on a year-on-year basis and 0.4 per cent from the December quarter.

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Infosys also slashed its revenue growth forecast for FY25 by 1-3 per cent from 4-7 per cent a year ago, highlighting that discretionary spending by clients continues to remain weak. The company’s American Depository Receipts fell 7 per cent on the New York Stock Exchange.

The board of the company recommended a final dividend of Rs 20 per equity share for the financial year ended March 31, 2024 and an additional special dividend of Rs 8 per equity share.

“We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimization, and customer support,” said Salil Parekh, CEO and MD. “I would like to thank our 317,000 employees across the world that are working to create value for our clients,” he said.

“Free cash flow of $848 million in Q4 was the highest in the last 11 quarters driven by our relentless focus to improve working capital cycle. Consistent with the objective of giving high and predictable returns to shareholders, the board has approved the capital allocation policy under which the company expects to return 85 per cent over the next 5 years and progressively increase the annual Dividend Per Share,” said Jayesh Sanghrajka, CFO.

“Operating margin expansion in the medium-term and improving cash generation continue to remain our priorities underpinned by early success in Project Maximus,” he said.

For FY 2024, Infosys posted a net profit of Rs 26,233 crore (Rs 24,095 crore), a rise of 8.9 per cent, and a revenue of Rs 153,670 crore (Rs 146,767 crore), a growth of 4.7 per cent.

Effective from FY 2025, the company expects to continue its policy of returning approximately 85 per cent of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends or share buyback/ special dividends subject to applicable laws and requisite approvals, it said.

“Under this policy, the company expects to progressively increase its annual dividend per share (excluding special dividend if any). Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS system.

The board also approved the grant of annual performance-based stock incentives to CEO Salil Parekh in the form of restricted stock units (RSUs) covering company’s equity shares having a market value of Rs 34.75 crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan. This will vest 12 months from the date of grant subject to achievement of performance targets as determined by the board, it said.

Meanwhile, the company saw a YoY fall in its headcount in FY24 for the first time since 2001. As of March 31, the company’s total workforce stood at 317,240, marking a decrease of 25,994 employees compared to fiscal 2023. This is a significant contradiction from the previous year, where the company had added 29,219 employees and is even steeper compared to the net 54,396 employees in financial year 2022. Headcount fell by 5,423 employees in the March quarter. With FE

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