Infosys, a leading Indian IT services company, has lowered its guidance for the financial year 2023-24 (FY24)
The company's revenue growth guidance for FY24 has been revised downward to 12-14% from the earlier estimate of 14-16%
The lower guidance was attributed to the impact of the COVID-19 pandemic on the global economy and the uncert
ainty it has caused.
Despite the lower guidance, Infosys reported a strong financial performance in the previous quarter.
The company's revenue in Q4 of FY21 was $3.6 billion, a 2.8% increase from the previous quarter.
Infosys also reported a net profit of $697 million in Q4 of FY21, a 17.5% increase from the previous quarter.
The company's board has recommended a final dividend of INR 15 per equity share for FY21.
Infosys has a strong cash reserve of $4.6 billion, which gives it flexibility to pursue growth opportunities and invest in research and development.
The company is investing heavily in digital technologies, such as cloud computing, artificial intelligence, and automation, to stay competitive in the market.
Infosys' CEO, Salil Parekh, expressed confidence in the company's ability to navigate the challenges posed by the pandemic and continue to deliver value to its stakeholders.