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Revenue
₹37,923 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Infosys reported Q4 FY24 revenue flat YoY in constant currency, with operating margin at 20.1% (down 40bps QoQ) due to a one-time ~100bps impact from a financial services contract rescoping. Full-year revenue grew 1.4% CC, with operating margin of 20.7%. Large deal TCV hit a record $17.7B for FY24, including $4.5B in Q4. Management guided FY25 revenue growth of 1%-3% CC and operating margin of 20%-22%, citing persistent discretionary spending weakness offset by large deal ramp-ups. GenAI traction is early but promising, with 3M+ lines of code generated. Key risk: discretionary demand may remain subdued, delaying revenue conversion from record deal wins.
Colored figures show movement against the previous available record.
Guidance to track
- Revenue growth guidance for FY25 is 1%-3% in constant currency, reflecting persistent discretionary weakness but benefit from large deal ramp-ups.
- Operating margin guidance for FY25 is 20%-22%, with headwinds from compensation and tailwinds from efficiency programs.
- Management expects normal seasonality with H1 stronger than H2, consistent with historical patterns.
- Management aims to expand operating margins in the medium term through Project Maximus, including automation, GenAI, and pyramid optimization.
Risks flagged
- Clients continue to defer discretionary and digital transformation projects, which could delay revenue conversion from large deals.
- A large financial services contract was rescoped, causing a ~100bps revenue and margin impact in Q4; similar events could recur.
- Compensation increases and ramp-up of large deals with lower initial margins may pressure margins despite efficiency gains.
- Productivity gains from GenAI could be negotiated away by clients over time, limiting margin improvement.
Key quotes
- Our large deal wins in the prior financial year will help us in financial year 2025 for our revenue.
- We have called out that we expect BFSI in FY 2025 to be better than FY 2024.
- We are not guiding which part of the 2022 we will be. As I said earlier, our endeavor is to improve margins from where we are.
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