Infosys is set to provide its employees with an average of 80 per cent variable pay for the quarter concluding on June 30. This variable pay will be distributed together with the August salary.

The email shared by the Human Resources team, highlighted that the introduction of variable pay follows a period of strong performance during the June quarter of FY24.

“We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements, the mail read. 

In the first quarter of the fiscal year 2023-24 (Q1FY24), Infosys recorded an 11 per cent increase in net profit compared to the previous year, reaching Rs 5,945 crore. The company's revenue, when measured in dollars, amounted to $4,617 million, reported Business Today. 

The operating margin for the quarter was 20.8 per cent, reflecting an 80 basis point growth from the 20 per cent recorded in the same quarter of the previous year. However, it experienced a slight decline of 20 basis points quarter-on-quarter (QoQ), dropping from 21 per cent in the preceding March quarter. Additionally, the company secured significant deal wins amounting to $2.3 billion.

The tech giant adjusted its revenue guidance for the fiscal year 2023-24 (FY24) in a downward direction to a range of 1-3.5 per cent. This is in contrast to its earlier projection of 4-7 per cent growth.

Following the Q1 results announcement, Salil Parekh, the CEO of the company, said, “We had a solid Q1 with a growth of 4.2 per cent and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well with clients. We see this being transformative for clients and enhancing our overall service portfolio.”

The mail sent to the company's employees highlighted the management's positive outlook for the upcoming quarters.“By staying focused on our priorities, collaborating closely across teams, and remaining adaptable to changing circumstances, we are confident in setting ourselves up for a productive and optimistic quarter ahead,” read the mail.