IT outsourcing giant Infosys grew its revenues by 11.7 per cent to reach $18.2 billion in 2023 with operating margins dropping from 22 per cent in 2022 to 21 per cent this year.
The company said that its growth was broad-based across industry verticals and geographic regions. Digital comprised 62.2 per cent of overall revenues and grew at 13.1 per cent.
Manufacturing and life sciences reported the biggest year-on-year growth at 22.2 per cent and 14.9 per cent, respectively. Europe was the region that saw the biggest year-on-year growth at 13.9 per cent.
Fourth quarter year on year growth was 8.8 per cent and sequential decline was 3.2 per cent in constant currency terms. Operating margin for the quarter was also 21.0 per cent. Free cash flow conversion was 95.7 per cent for fourth quarter.
As the environment has changed, the company said it saw strong interest from clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline.
Infosys CEO and MD Salil Parekh said “We have expanded our internal programme on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients.”
