Infosys has handed out salary revision letters to a large number of its employees on Friday, December 15, with the average pay hike being below 10 per cent, according to a report by business news daily Economic Times. The pay hikes, which typically were effective from April 1, have now been announced from November 1, 2023. Entry level employees were not part of the annual hikes this year, the report added.
In a communication to employees, Infosys said, ‘’We are pleased to revise your compensation in acknowledgement of your commitment and performance with effect from November 1, 2023,” according to the report. The compensation review programme is for the year 2023-24, as per the the country’s second-largest information technology (IT) major.
The email communication also thanked employees for “un-paralleled support and efforts to overcome the current challenges and ensure success in all aspects.” The report added that several employees have received hikes in single digits while some are also in low-double digits.
The company’s net profit rose 3.17 per cent to ₹6,212 crore in the July-September quarter of fiscal 2023-24, compared to ₹6,012 crore in the corresponding period last year. The Bengaluru-based company has narrowed its revenue growth guidance for the full year at the upper end to 1-2.5 per cent. The reduction in revenue guidance comes after it sharply slashed the guidance last quarter to 1-3.5 per cent from 4-7 per cent.
The revenue rose 7 per cent to ₹38,994 crore in the September quarter, compared to ₹36,538 crore in the corresponding period last year. Infosys also declared an interim dividend of ₹18 per equity share with the record date as October 25.
The operating margin for the September quarter was 21.2 per cent, a sequential rise of 40 basis points. Infosys has retained operating margin guidance at 20 per cent-22 per cent, as per the company’s statement.
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Published: 16 Dec 2023, 05:27 PM IST