Infosys’ profit decreased by seven percent in Q3, yet made a big announcement, action will be seen in the stock today
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Infosys Q3 Result: Indian IT sector’s biggest company Infosys has suffered a major setback in the third quarter of the current financial year. The consolidated net profit for the third quarter of the financial year 2023-24 ending December 2023 has declined by 7.3 percent to Rs 6,106 crore. The company had earned a net profit of Rs 6,586 crore in the same quarter a year ago. The company’s operating income, however, increased by 1.3 percent to Rs 38,821 crore in the quarter under review, compared to Rs 38,318 crore in the same period of the last financial year. Infosys has revised its revenue growth estimate for the current financial year to 1.5-2 percent from 1-2.5 percent. According to the company, its board of directors has approved the proposal to acquire Bengaluru-based semiconductor design services provider Insemi for about Rs 280 crore. In the information given to the stock market, Infosys said that the acquisition of Insemi is expected to be completed by the fourth quarter of the financial year 2023-24.
Will acquire this company
Infosys has made another big announcement on Thursday. Told the stock market that it is going to acquire InSemi. It was told by the company that the company will spend ₹280 crore to acquire the embedded service provider. Also told that the acquisition work of this service provider company is expected to be completed in the last quarter of the year 2024. Infosys believes that the acquisition of this company will help it work faster on its cheap-to-cloud strategy. It is said that InSemi has excellent design skills on a large scale. The company will benefit from this for its projects related to AI and automation. The company informed the exchange that this acquisition will help in enhancing its engineering R&D capability and meeting the current and future needs of global clients.
There will be ups and downs in the stock
Infosys released its quarterly results after the market closed. However, the company’s ADR (American Depository Receipt) shares rose by about 5 per cent even as the company reported a decline in net profit for the quarter ending December 2023. In such a situation, today investors will keep an eye on the company’s stock in the Indian market. There was a slight rise in the company’s stock on Thursday. Till the market closed, the company’s shares were at Rs 1,520.30 with a rise of 0.026 percent or 0.40 paise. However, in the last one month the company’s shares have given a profit of three percent to the investors. Whereas, it has given a profit of 14.03 percent in six months. Infosys shares have reached a high of Rs 1619.75 in the last 52 weeks.
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