Infosys hikes revenue guidance

INDIA's Infosys raised its revenue guidance for 2022-23 on Sunday (24), betting on buoyant demand for digital services even as higher costs ate into the IT giant's June quarter earnings.

Net profit at the country's second-largest IT firm rose 3.2 percent year-on-year to $689 m in the third quarter ending June 30.

But seen sequentially, net profits declined 5.7 percent compared to the previous quarter, as operating expenses including employee benefits and travel costs rose.

Revenues grew 23.6 percent year-on-year to $344.70 billion in this quarter, helped by sustained demand for digital services in North America and Europe.

The company also raised its revenue guidance for the financial year ending March 2023 to the range of 14-16 percent.