Amanda Randles Awarded ACM Prize in Computing for Revolutionizing Medical Diagnostics NEW YORK, April 24, 2024 /PRNewswire/ -- ACM, the Association for Computing Machinery, has named Amanda Randles the recipient of the ACM Prize in Computing for groundbreaking contributions to computational health through innovative algorithms, tools, and high-performance computing methods for diagnosing and treating a variety of human diseases. Randles has developed computational tools to enable 3D blood flow simulations t ...

Infosys Limited (INFY) ended fiscal 2024 on a strong note with better-than-expected financial results for the fourth quarter. The company reported fourth-quarter fiscal 2024 earnings of 23 cents per share, beating the Zacks Consensus Estimate of 17 cents per share. The bottom line also improved 28.9% from the year-ago quarter’s earnings of 18 cents per share.The company’s fiscal fourth-quarter revenues marginally improved to $4.56 billion from the year-ago quarter’s revenues of $4.54 billion. The top line a ...

Financial Data and Key Metrics Changes - For Q4 FY '24, the year-on-year revenue growth was flat in constant currency and declined by 2.2% quarter on quarter [8][21] - The operating margin for Q4 was 20.1%, with a full-year operating margin of 20.7% [12][22] - Free cash flows for FY '24 increased by 14% to $2.9 billion, with Q4 free cash flows at $848 million, the highest in the last 11 quarters [25][28] - The company ended FY '24 with a consolidated cash and cash equivalents of $4.7 billion [26] Business Line Data and Key Metrics Changes - Large deals for FY '24 totaled $17.7 billion, with Q4 contributing $4.5 billion, marking the highest ever large deal value for the company [14][27] - The company reported strong traction in generative AI projects across various sectors, including software engineering and customer support [15][16] Market Data and Key Metrics Changes - The BFSI sector experienced a decline of about 3% to 4%, attributed to higher discretionary spending and exposure to softer mortgage markets [66] - Manufacturing showed double-digit growth, particularly in engineering and digital transformation areas [32] - Retail clients are leveraging generative AI for business value, with a focus on cost takeout [33] Company Strategy and Development Direction - The company aims for revenue growth guidance of 1% to 3% in constant currency for FY '25, with operating margin guidance of 20% to 22% [12][35] - Project Maximus, a comprehensive margin expansion program, is ongoing, focusing on value-based selling and automation [29][30] - The company is committed to ethical AI use and has achieved ISO 42001:2023 certification [16] Management's Comments on Operating Environment and Future Outlook - Management noted that discretionary spending and digital transformation work remain at similar levels, impacting revenue growth [41][42] - The outlook for FY '25 in financial services appears better, while manufacturing is expected to see slower growth compared to FY '24 [35][66] - Management emphasized the importance of large deal wins in supporting revenue growth for FY '25 [18][35] Other Important Information - Employee attrition decreased to 12.6%, down from 20.9% in the previous year [18] - The board declared a dividend of INR20 per share, along with a special dividend of INR8 per share, totaling an 85% payout of free cash flow [28] Q&A Session Summary Question: Concerns about revenue acceleration despite large deal signings - Management acknowledged the disconnect between large deal signings and revenue growth, attributing it to cautious client spending on digital transformation [41][42] Question: Guidance for FY '25 and learnings from previous misses - Management stated that guidance for FY '25 considers the current environment and incorporates learnings from past performance [55][57] Question: Impact of contract renegotiation on revenue - The impact of the contract renegotiation was clarified as a one-time revenue impact of over 1%, with 85% of the contract still retained [21][45][127] Question: Trends in utilization and wage hikes - Utilization increased to 82%, with management indicating that wage hikes will be assessed based on multiple factors, including market conditions [74][76] Question: Confidence in margin expansion - Management expressed a commitment to improving margins in the medium term, with ongoing efforts under Project Maximus [61][68] Question: Backlog trends and revenue conversion - Management confirmed no material backlog degradation, attributing slower revenue growth to discretionary spending reductions [93][94] Question: Future hiring strategy - Management indicated that hiring will be adjusted based on demand, with a focus on freshers and lateral hiring as needed [100][102]

For the quarter ended March 2024, Infosys (INFY) reported revenue of $4.56 billion, up 0.2% over the same period last year. EPS came in at $0.23, compared to $0.18 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $4.49 billion, representing a surprise of +1.62%. The company delivered an EPS surprise of +35.29%, with the consensus EPS estimate being $0.17.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expect ...

FY25 guidance - revenue growth of 1%-3% and operating margin of 20%-22% BENGALURU, India, April 18, 2024 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.6 billion in FY24 revenues with a growth of 1.4% in constant currency and operating margin of 20.7%. Free Cash Flow was strong at $2,882 million, an increase of 13.7% over FY 23. Large deal TCV for FY24 was highest ever at $17.7 billion, with 52% being net new. Q ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Leverages Infosys Cobalt to simplify and standardize Proximus' ServiceNow platform for better usability and customer experience BENGALURU, India, April 17, 2024 /PRNewswire/ --  Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, today announced a successful collaboration with Proximus, Belgium's leading digital services and communications solutions provider, on the ServiceNow platform. Infosys helped Proximus to standardize its existing processe ...

Expanded collaboration will help democratize AI by bringing open standards in AI hardware and software stack across edge, core, and cloud computingBENGALURU, India, April 10, 2024 /PRNewswire/ -- Infosys (NSE: INFY) (BSE: INFY) (NYSE: INFY), a global leader in next-generation digital services and consulting, and Intel, a global leader in computing innovation, today announced that they have expanded their strategic collaboration to assist global enterprises in accelerating their AI journeys. The advanced art ...

Financial Data and Key Metrics - Revenue declined by 1% quarter-on-quarter and 1% year-on-year in constant currency terms [13] - Operating margin for Q3 was 20.5%, a decline of 70 basis points sequentially [18] - Free cash flow for the quarter was robust at $665 million, with a strong conversion to net profit at 90.6% [19] - Headcount at the end of the quarter stood at 322,000 employees, a decline of 1.9% from the previous quarter [9] - LTM attrition reduced further by 1.7% to 12.9% [19] Business Line Performance - Financial Services, Telco, and Hi-Tech segments saw impacts, while Manufacturing, Energy, Utilities, and Life Sciences showed strength [5] - Strong traction for generative AI programs leveraging Topaz capability, with generative AI components integrated into service line portfolios [5] - Clients are leveraging generative AI capabilities in Topaz and cloud capabilities in Cobalt to navigate the current business environment [6] Market Performance - Large deal TCV for Q3 was $3.2 billion, with 71% net new, bringing the YTD large deal TCV to over $13 billion, the highest ever for any comparative period [10] - 23 large deals were signed in Q3, including one mega deal, with 10 in America, 9 in Europe, 3 in ROW, and 1 in India [20] - Manufacturing segment delivered strong performance, with growth across Europe and the US, particularly in industrial, automotive, and aerospace industries [49] Company Strategy and Industry Competition - Focus on cost efficiency, automation programs, and leveraging generative AI, digital, and cloud to strengthen market position [14] - Investment in industry cloud solutions and energy transition, combined with a focus on human experience, helped differentiate and win multiple deals [22] - Clients in the communication sector face growth challenges, leading to pressure on OpEx spend, with uncertainty about medium-term spend [21] Management Commentary on Business Environment and Future Outlook - Near-term outlook remains volatile, but the company expects to benefit from recent deal wins and new account openings [21] - Clients are prioritizing cost optimization and vendor consolidation, with discretionary spends under pressure [23] - The company tightened its revenue growth guidance for FY '24 to 1.5% to 2% in constant currency, while maintaining operating margin guidance at 20% to 22% [42] Other Important Information - CFO Nilanjan Roy is leaving Infosys at the end of the financial year, with Jayesh assuming the role of CFO from April 1, 2024 [16][24] - The company has trained 100,000 employees in generative AI areas, with use cases developed across industries for client analytics, process optimization, and more [41] Q&A Session Summary Question: New deal wins vs. renewals - New deal wins were strong at $3.2 billion, but renewals were weaker at less than $1 billion, which could lead to a slowdown in the second half [27] - The company has visibility on upcoming renewals and is benefiting from consolidations and cost efficiency opportunities [28] Question: Generative AI client engagement - The company is not sharing specific revenue or project numbers for generative AI but noted that almost every client discussion involves generative AI elements [29] - Use cases and benefit scenarios have been developed across industries, with some clients in pilot stages and others in full programs [30] Question: Margin outlook and Project Maximus - Margins are expected to improve over time due to Project Maximus, with utilization being a key lever for margin expansion [35][68] - The company is confident in its margin outlook, with multiple tracks of Project Maximus delivering results [77] Question: Budget cycle and client behavior - Budget decisions are ongoing, with no significant change in client behavior compared to the previous quarter [37] - Digital transformation programs are less active, while cost efficiency and consolidation programs are gaining traction [76] Question: Large deal conversion and revenue growth - Large deals are expected to provide a foundation for future revenue, but digital program delays are impacting revenue outcomes [38] - The company expects revenue growth to improve as large deals ramp up and digital capabilities gain more interest from clients [62] Question: Headcount and resourcing plans - Headcount declined by 1.9% sequentially, but the company is not concerned due to strong utilization and availability of talent [74] - The company has a robust off-campus hiring program and is confident in its ability to meet volume requirements [176] Question: Pricing and margin impact - Pricing has been stable, with no significant pressure on renewals or large deals [94] - The company is focused on value-based selling to ensure margins are not compromised [94] Question: Third-party items and revenue mix - Third-party items have increased as a percentage of revenue, but the company is comfortable with this as long as it can maintain margins and gain market share [105] Question: Demand by geography - The company does not provide specific views on demand by geography but noted strong momentum in large deals in both the US and Europe [103] Question: Wage bill and pyramid optimization - Wage bill per head increased due to salary hikes and lateral movements, but the trend is expected to reverse in the coming quarters [101] - The company is focused on optimizing its pyramid structure to improve margins [68] Question: Platform business growth - The platform business has been flat over the last two years, but the company is working on growth plans, particularly for its Finacle platform [120] Question: Cybersecurity impact - The 60 bps impact from the McCamish cyber incident is a one-time event, with no reversal expected in Q4 [119] Question: Captive centers and project leakage - The company has not seen significant changes in project leakage or captive center activity in Q3 [175] - Captive center activity tends to increase during technology shifts, but some clients are also looking to exit older captives [175]

Abhishek Kumar I was also trying to reconstruct this quarterÂ's growth. It seems to me there was a volume decline, just going by the headcount decline and small increase in the utilization, so is it the realization which has helped us or some of the one-time which you mentioned, and [indiscernible] this question was also, or is that some of the smaller deals, like the less than $50 million which you donÂ't disclose, the uptick on those deals or kind of inflow of those deals has kind of dried up significantl ...