Infosys Q2FY24 results beat expectations

Infosys has reported its financial results for the second quarter, surpassing analyst estimates. The company's revenue for Q2FY24 stood at ₹389.94 billion, reflecting a year-on-year growth of 6.7%. This figure exceeded the average analyst estimate of ₹385.03 billion, according to Bloomberg Consensus.

However, the operating margin for the quarter was 21.2%, a slight dip from 21.5% in the previous year, though it exceeded the estimated margin of 20.8%. Attrition rates were reported at 14.6%.

Cost of sales totaled ₹270.31 billion, a 6.4% increase from the previous year, slightly surpassing the estimated ₹269.12 billion. Total operating expenses were ₹36.89 billion, showing a 14% year-on-year growth compared to an estimated ₹36.41 billion.

Selling and marketing expenses rose to ₹17.54 billion, marking an 18% increase from the previous year, closely in line with the estimated ₹17.56 billion. Administrative expenses amounted to ₹19.35 billion, up 9.3% year-on-year, surpassing the estimated ₹19.04 billion.

Additionally, Infosys declared an interim dividend of ₹18 per equity share. The record date for the interim dividend is fixed on October 25, 2023, with the payout scheduled for November 6, 2023.