Infosys Q4 result 2023

The ADRs of IT major Infosys tumbled by more than 9% on the New York Stock Exchange after a rather disappointing Q4 financial results.

The American Depository Receipts (ADRs) of IT major Infosys tumbled by more than 9% on the New York Stock Exchange.

On Thursday following the release of disappointing fourth-quarter financial results and a below-average guidance for FY24.

Infosys US-listed shares sank as much as 9% at $15.53, their lowest since December 2020. While its India-listed stock closed down 2.7% ahead of the results.

Infosys reported lower-than-expected growth in the fourth quarter net profit. The company also gave a weak growth guidance of revenue at 4-7% for FY24.

The software services firm posted 7.8% growth year-on-year in net profit at Rs6,128 crore in the January-March quarter, but down 7% from the profit in the preceding quarter.

The FY23 revenue growth stood at 15.4% lower than the guidance. We saw unplanned project ramp-downs in some of our clients, and delays in decision making which resulted in lower volumes.

The company said its operating margin fell to 21.1% in the fourth quarter of fiscal year 2023, and is expected to stay between 20% and 22% in fiscal year 2024.

Infosys bagged large deals worth $2.1 billion in the March quarter, less than the $2.3 billion it won a year ago.