Infosys Limited (INFY) Q4 2023 Earnings Call Transcript

Infosys Limited (NYSE:INFY) Q4 2023 Earnings Conference Call April 13, 2023 8:30 AM ET

Company Participants

Sandeep Mahindroo - Investor Relations

Salil Parekh - Chief Executive Officer and Managing Director

Nilanjan Roy - Chief Financial Officer

Conference Call Participants

Yogesh Aggarwal - HSBC

Bryan Bergin - TD Cowen

Ankur Rudra - JPMorgan

Kawaljeet Saluja - Kotak Institutional Equities

Pankaj Kapoor - CLSA

Abhishek Bhandari - Nomura

Ashwin Mehta - AMBIT Capital Pvt Ltd

Gaurav Rateria - Morgan Stanley

Sudheer Guntupalli - Kotak Mahindra Asset Management

Surendra Goyal - Citigroup

Keith Bachman - BMO Capital Markets

Abhishek Kumar - JM Financial

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, Inda. Hello, everyone, and welcome to Infosys financial results for Q4 and FY '23. Joining us here 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 for the recently concluded quarter and year by Salil and Nilanjan, subsequent to which the call will be opened up for questions.

Please note that anything that we say that refers to our outlook for the future is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full statement 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, and thank you for joining us. For the full year financial year 2023, we had a good performance with growth of 15.4% in constant currency. Our digital business grew 25.6%, now being 62.9% of our overall revenue and our core services grew as well at 1.9%. We saw broad-based growth across our business segments with most in double digits. We had 26% growth in Europe and 12% in the U.S., 95 large deals with a value of $9.8 billion for the year with 40% net new. Our operating margin for the full year was at 21%. We generated free cash flow of $2.5 billion in the year. Our attrition has continued to decline in each of the quarters through the year.