The Indian IT giant, Infosys, has announced its financial results for the fourth quarter of fiscal year 2024, revealing a notable surge in net profit and strategic business decisions.
According to the latest report, Infosys recorded a net profit of ₹7,969 crore for Q4 FY24, showcasing a substantial increase of 30.5% quarter-on-quarter (QoQ). The company’s consolidated revenue, however, stood at ₹37,923 crore, indicating a marginal decline of 2.3% QoQ.
Shares of Infosys closed with gains of 1.06% at ₹1,429 on the NSE following the announcement of the Q4 results, reflecting positive investor sentiment towards the company’s performance.
In addition to the financial results, Infosys also shared several significant updates during the Q4 results live update session. The company disclosed that it had secured deals worth $17.7 billion in the fiscal year 2024, emphasizing its strong performance in acquiring new business opportunities and partnerships.
Moreover, the Infosys Board approved the incorporation of wholly owned subsidiaries in Thailand, Oman, and France. The decision to establish these subsidiaries aligns with the company’s strategic expansion and operational objectives, reflecting its commitment to enhancing its global presence and market reach.
The incorporation of these subsidiaries is subject to applicable regulatory approvals, and additional information as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations will be disclosed in due course, providing stakeholders with comprehensive insights into the underlying rationale and impact of these strategic moves.
These developments underscore Infosys’ consistent efforts to drive growth, innovation, and sustainability within the rapidly evolving IT landscape, while also positioning itself as a formidable player in the global market.
As the Indian IT sector continues to navigate through dynamic macroeconomic factors and technological advancements, the performance and strategic decisions of key industry players such as Infosys serve as pivotal indicators of the industry’s trajectory and resilience in the face of evolving challenges.
With a steadfast commitment to excellence, operational agility, and strategic foresight, Infosys’ Q4 FY24 results and strategic initiatives reinforce its position as a leading player in the global IT services domain, poised to capitalize on emerging opportunities and drive sustainable value for its stakeholders.
