Ninety-five large deals worth $9.8 billion were signed in financial year 2022-23, of which 40 percent were net new, Infosys Co-Founder and Chairman Nandan Nilekani said on Wednesday, June 28, while speaking at the 42nd Annual General Meeting (AGM) of the company.

Share Market Live

NSE

The Infosys co-founder announced that the 2022-23 fiscal has been a year of strong overall growth — 15.4 percent in constant currency, delivering $18.2 billion in revenue. "Grew in double digits across most industry segments and across major geographic markets — 26 percent in Europe and 12 percent in the US," he noted.

Nilekani also said the IT services major had declared a final dividend of Rs 17.50 per share for FY23 (April 2022 to March 2023). The final dividend that Infosys announced for FY23 was in addition to an interim dividend of Rs 16.50 per share that Infosys has already paid.

With this, the total dividend per share for FY23 stood at Rs 34 per share, which is a 9.7 percent increase over FY22. In value terms, the company announced total dividend of Rs 14,200 crore for FY23.

The Indian IT giant has returned 86 percent of free cash flow to its shareholders in fiscal FY23. This included dividend payout and buyback programme as well, Nilekani pointed out.

'Businesses must be equally prepared to...'

Further, Nilekani said volatility created several probable future states, and businesses must be equally prepared to succeed in any of those. "We need to be efficient in the present as well as nurture a readiness for growth in the future," he said.

Through times rough and smooth, the company has brought great focus to becoming better, more efficient and resilient in the present while also securing relevance for future, the co-founder of Infosys said.

He added that the challenge to keep moving forward in these particularly dynamic times is immense, anf the opportunity, capability and confidence to harness is tremendous.

Infosys has recently signed a strategic collaboration with Nordic bank Danske Bank to accelerate the latter’s digital transformation initiatives with speed and scale. The company said as part of this collaboration, Infosys will also acquire Danske Bank’s IT centre in India, where over 1,400 professionals are employed.

The IT services major expects the transactions to be completed before the second quarter of FY2024, subject to customary closing conditions.

Shares of Infosys settled 2.02 percent higher at Rs 1,296 apiece on the NSE ahead of the company's AGM today. The stock gained nearly 1 percent in the last five trading sessions while it fell 15 percent on a year-to-date basis.

The IT scrip has an average target price of Rs 1,577.08, according to data from Trendlyne, suggesting a potential upside of 22 percent from the current market levels.

First Published:Jun 28, 2023 5:45 PM IST