Why Infosys (INFY) Shares Are Gaining Today - Infosys (NYSE:INFY)

Infosys Ltd (NYSE: INFY) reported third-quarter FY23 revenue growth of 13.7% year-on-year to $4.66 billion (CC), marginally missing the consensus of $4.69 billion.
The Q2 sequential growth was 2.4%. TCV of significant deal win was $3.3 billion, the highest in the last eight quarters. Digital revenue grew 21.7% Y/Y.
The operating margin declined by 200 bps to 21.5%. EPS of $0.19 was in line with the consensus.
Infosys held $2.5 billion in cash and equivalents. FCF declined 19.9% Y/Y to $576 million.
"Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees", said Salil Parekh, CEO and MD. "As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients."
FY23 Revenue Outlook: Infosys increased the growth guidance to 16% - 16.5% from the previous 15% - 16% CC versus the consensus of $18.32 billion.
Price Action: INFY shares traded higher by 2.37% at $18.55 in the premarket on the last check Thursday.
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