In a recent development, Infosys has issued salary revision letters to its employees, effective from November 1, 2023. The average pay hike, however, remains below 10%, with entry-level employees excluded from the annual hikes this year. The communication to employees expressed appreciation for their commitment and performance amidst current challenges. While some employees received single-digit hikes, others saw increases in the low-double digits.
Infosys, the country’s second-largest IT major, reported a 3.17% rise in net profit to ₹6,212 crore in the July-September quarter of fiscal 2023-24. The company has narrowed its revenue growth guidance for the full year to 1-2.5%. Revenue for the September quarter increased by 7% to ₹38,994 crore, and Infosys declared an interim dividend of ₹18 per equity share.
