Infosys closes Q3 with lower profit at Rs.6,113 crore

Chennai, Jan 11 (SocialNews.XYZ) Software major Infosys Ltd closed the third quarter of FY24 with a consolidated net profit of Rs.6,113 crore, which is 7.2 per cent lower than what it earned for the corresponding quarter of the previous year.

In a regulatory filing, Infosys said it closed the quarter ending 31.12.2023 with a revenue of Rs.38,821 crore (Q3 31.12.2022 Rs.38,318 crore) and a net profit of Rs.6,113 crore (Rs.6,586 crore).

The company also said its step down subsidiary Infosys McCamish had suffered a Rs.250 crore loss of revenue and costs due to a cybersecurity incident in November 2023.

According to Infosys, as on 31.12.2023, its total headcount stood at 322,663 (software professional 304,590, sales & support 18,073) as against 346,845 (software professionals 329,295, sales & support 17,589) as on 31.12.2022.

The company said the attrition rate is at 12.9 per cent. Infosys also said its step down subsidiary Infosys McCamish Systems LLC had suffered Rs.250 crore as loss contracted revenues, costs incurred towards remediation and restoration of communication due to a cyber security incident that occurred in November 2023.

Infosys also said, Infosys McCamish may incur additional costs, indemnities/damages which are indeterminable now.

The Indian software major also said it will acquire 100 per cent equity in the Rs.153.6 crore revenue InSemi Technology Services Private Ltd for Rs.280 crore.

The acquisition is expected to be closed during the fourth quarter of fiscal 2024, subject to customary closing conditions.

“Consideration including earn-outs, and management incentives, and retention bonus totaling up to Rs 280 crore subject to customary closing adjustments,” Infosys said.

The Bengaluru-headquartered InSemi has a headcount of over 900 people.

Source: IANS