People walk past the gate of Infosys office in Bangalore, India on April 13, 2023.
Synopsis
In January, Infosys announced a record deal figure and raised its full-year revenue growth guidance. But when it announced its full-year results in April, the company failed to meet its own forecast. CEO Salil Parekh blamed it on unplanned project ramp-downs and delays in decision-making. Why was Infosys caught napping?
For most of FY23, it was as though Infosys could do no wrong. When other companies began warning of slowing growth and client unease, the Bengaluru-headquartered IT company was still talking up its pipelines and raising its growth forecasts for the year. In January, the company said it had signed USD3.3 billion in total contract value, an eight-quarter record, and raised its full-year revenue growth guidance for the third time to 16%-16.5%,
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7 mins read, Last Updated:
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