Infosys Limited (INFY) Q3 2023 Earnings Call Transcript

Infosys Limited (NYSE:INFY) Q3 2023 Earnings Conference Call January 12, 2023 7:30 AM ET

Company Participants

Sandeep Mahindroo - Investor Relations

Salil Parekh - Chief Executive Officer and Managing Director

Nilanjan Roy - Chief Financial Officer

Conference Call Participants

Nitin Padmanabhan - Investec

Bryan Bergin - Cowen

Apurva Prasad - HDFC Securities

Mukul Garg - Motilal Oswal Financial Services

Sudheer Guntupalli - Kotak Mahindra Asset Management

Moshe Katri - Wedbush Securities

Pankaj Kapoor - CLSA

Ankur Rudra - JPMorgan

Sameer Dosani - ICICI Prudential Asset Management

Rahul Jain - Dolat Capital

Girish Pai - Nirmal Bang Equities

Operator

Ladies and gentlemen, good day and welcome to the Infosys Limited Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. Thank you and over to you, sir.

Sandeep Mahindroo

Thanks, Indra. Hello, everyone and welcome to Infosys earnings call to discuss Q3 FY ‘23 financial results. Let me start by wishing everyone a very happy New Year.

Joining us today on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Nilanjan Roy; and other members of the senior management team. We’ll start the call with some remarks on the performance of the company by Salil and Nilanjan subsequent to which we will open up the call for questions. Kindly note that anything which we say that refers to our future outlook is a forward-looking statement that must be read in conjunction with the risks that the company faces. A full statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov.

I’d now like to pass it on to Salil.

Salil Parekh

Thanks, Sandeep. Good evening and good morning to everyone on the call. Thank you for joining us. We are delighted to share with you that our Q3 performance was strong with year-on-year growth of 13.7% and quarter-on-quarter growth of 2.4%, this in a seasonally weak quarter for us and amid a changing global economy. We continue to gain market share. Growth in Q3 was broad based with most industries and geographies growing in double-digits in constant currency.

Growth in constant currency for 9 months of FY ‘23 was 17.8% compared to the same period of FY ‘22. Our large deal value was $3.3 billion, the highest in eight quarters. With 32 large deals, this is the largest number of large deals in our history, 36% of this is net new. Our pipeline of large deals remains strong. Our digital revenue grew at 22% in the quarter at constant currency and are now close to 63% of our overall revenue.