Indian tech company Infosys trims FY24 revenue projections

Overall Indian IT sector is going through a downturn
The picture illustrates the Infosys building. — Infosys/File
The picture illustrates the Infosys building. — Infosys/File

Renowned IT services company of India, Infosys, underwent a 10.9% surge in the bottom line during the April to June quarter of 2023.

However, the company revised its revenue projections for the current financial year, anticipating a 1-3.5% reduced growth in contrast to its earlier expectations of 4-7%.

The profit for the first quarter was Rs 5,945 crore, and earnings hit Rs 37,933 crore, demonstrating a growth of 10% year-on-year.

The reviewed deceased revenue forecast showcases challenges faced not only by Infosys but by the whole Indian IT and IT-enabled services market. 

CEO Salil Parekh provided some explanation, saying the revised revenue target is lower on account of certain clients that have delayed their transformative work while some new deals got postponed later in the fiscal year, as per Yourstory.

Moreover, some business segments such as telecom, Hitech and Banking, Financial Services, and Insurance (BFSI) encountered diminished sales during the quarter under review and the worst thing is this trend might continue for a while.

The IT company’s performance reflects in the performance of its rival companies such as Wipro, HCLTech, and Tata Consultancy Services. As a leader of the Tech industry of India, Infosys’ dwindling performance indicates that the sector is going to face headwinds that might impact the smaller companies even worst. Infosys laid off some people and now its total number of employees is 6,940.