Infosys Q3 results: Attrition rate declines to 12.9%

India's second largest IT services provider Infosys Ltd on Thursday reported earnings for the third quarter ended December 31, 2023.

The attrition rate in the third quarter of FY24 declined to 12.9 per cent, Infosys said in an exchange filing on Thursday.

The voluntary attrition for IT services was reported at 14.6 per cent in the September quarter of FY24. It was significantly lower than 24.3 per cent in the year-ago period.

According to the exchange filing, the total number of employees at the company at the end of the third quarter of FY24 stood at 322,663 as compared to 346,845 in Q3 of FY23.

The percentage of women employees at Infosys was reported at 39.3 per cent in Q3 of FY24 as compared to 39.4 per cent in Q3 of FY23.

Infosys’ consolidated net profit fell 7.3 per cent to ₹6,106 crore in the third quarter of the current fiscal year from a year-ago period.

The IT company also revised its revenue growth forecast for a third consecutive quarter to 1.5 per cent -2 per cent on a constant currency basis for the full year from 1 per cent -2.5 per cent previously.

Its revenue in the December quarter of FY24 rose to ₹38,821 crore from ₹38,318 crore in the year-ago period.

“Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71% of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation,” said Salil Parekh, CEO and MD.

“Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses,” he added.

Infosys also announced the signing of a definitive pact to acquire InSemi, a leading semiconductor design and embedded services provider.

Shares of Infosys Ltd rose 0.026 per cent to ₹1,520.30 on Thursday.