Infosys raises annual sales forecast on resilient IT demand

INFOSYS raised its annual sales forecast on upbeat demand for its digital services, alleviating concerns that a slowing global economy will stifle technology spending.

Revenue will grow 14-16 per cent in the fiscal year till March 2023, India’s No 2 software services exporter said in a statement on Sunday (Jul 24). That compares with 13-15 per cent it projected in April. Analysts predict growth of 17 per cent, the average of estimates compiled by Bloomberg.

Infosys reported a 3.1 per cent increase in net profit to 53.6 billion rupees (S$931.3 million) for the first quarter to June, despite expenses such as wage costs. Analysts estimated 56.7 billion rupees. BLOOMBERG