In the third quarter of the current financial year, IT giant Infosys reported a 7.3 percent decrease in consolidated net profit, amounting to Rs 6,106 crore. This decline contrasts with the net profit of Rs 6,586 crore posted during the same period last year, as disclosed in a regulatory filing by Infosys.

Revenue Performance

Despite the decrease in net profit, the company saw a marginal increase of 1.3 percent in consolidated revenue from operations. The revenue rose to Rs 38,821 crore in the quarter under review, up from Rs 38,318 crore in the corresponding period last year.

Revised Revenue Growth Guidance

Infosys adjusted its revenue growth guidance for the ongoing financial year to 1.5-2 percent, down from the earlier estimate of 1-2.5 percent. This revision reflects the company’s assessment of market conditions and anticipated performance for the remainder of the fiscal year.

Acquisition Proposal

In a strategic move, Infosys announced that its board has approved the proposal to acquire InSemi, a semiconductor design service provider based in Bengaluru, for approximately Rs 280 crore. The acquisition is expected to enhance Infosys’s capabilities in the semiconductor domain and strengthen its position in the market.

Outlook and Closing Remarks

The acquisition of InSemi is anticipated to conclude during the fourth quarter of FY24, pending customary closing conditions. Despite the decline in net profit and the revised revenue growth guidance, Infosys remains focused on strategic initiatives aimed at enhancing its portfolio and expanding its market presence.

In conclusion, while facing challenges in the current economic landscape, Infosys continues to navigate through strategic decisions and adapt to evolving market dynamics to sustain its growth trajectory and deliver value to its stakeholders.