Infosys has reduced its average variable payout for Q4FY23 to 60 per cent at an organisation level. Employees have also been informed about the same.
The payout will be given along with the salary for May. While the average payout is 60 percent, an employee’s final variable payout will depend on their unit or department’s guidelines, and varies for different pay grades and departments, reported moneycontrol.com.
The payout will be given along with the salary for May. While the average payout is 60 per cent, an employee’s final variable payout will depend on their unit or department’s guidelines, and varies for different pay grades and departments.
“While FY23 was a year of strong performance overall, the quarter that went by was impacted by a volatile market and unforeseen events,” an email sent to employees, Moneycontrol.com reported.
Infosys said in its email to employees that it must remain vigilant to changes in the market, and must see the current climate as an opportunity to “rally as a group and remain committed to navigating the changing business landscape”.
“We have always been a resilient organization, responding to market disruptions effectively and striving to move ahead,” reported Moneycontrol.com, quoting the mail.
Infosys has been cutting back on variable pay since the past few quarters. The average variable payout made to employees in April to June quarter was 70 per cent. Which was then reduced to 65 per cent in Q2.
In January-March 2023 quarter, the IT Major reported a consolidated net profit of Rs 5,686 crore for the March 2022 quarter, a growth of 12 per cent as compared with Rs 5,076 crore in the year-ago quarter. The company’s revenue jumped 22.7 per cent to Rs 32,276 crore, against Rs 26,311 crore in the March 2021 quarter.
On the outlook, Infosys has given a revenue growth guidance of 13-15 per cent in the constant currency term for the financial year 2022-23. The guidance on operating margin for FY23 is 21-23 per cent.
The company’s total operating expenses during January-March 2022 increased 12.6 per cent to Rs 3,048 crore, compared with Rs 2,707 crore a year ago, according to a BSE filing. Its operating profit witnessed an 8 per cent growth to Rs 6,956 crore in the March 2022 quarter, compared with Rs 6,440 crore.
Sequentially, the company posted a 2.1 per cent fall in its net profit, compared with Rs 5,809 crore in the December 2021 quarter.
“In a year marked by intense supply-side challenges, Infosys delivered strong financial performance – EPS (earnings per share) growth of 15.2 per cent, free cash flows surpassing USD 3 billion and return on equity of 29.1 per cent, reflecting the company’s success, driven by client-centricity and rich capabilities,” said Infosys Chief Financial Officer Nilanjan Roy, while announcing the quarterly results.
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