Infosys, the Indian IT services giant, has reported an 8.8% increase in revenue on a constant currency basis in its fiscal fourth quarter ended March 31, totalling $4.55 billion. Alongside this impressive growth, gross margin narrowed. Additionally, the full-year revenue rose 15.4% in constant currency.

CEO and managing director of Infosys, Salil Parekh, commented, “Our strong performance in FY23 is a testimony to the continued focus on digital, cloud and automation capabilities which resonated with our clients”. Mr Parekh also noted the company is seeing a strong demand for efficiency, cost and consolidation opportunities.

Looking towards fiscal year 2024, Infosys is forecasting a revenue growth of between 4% and 7% in constant currency. Despite this positive news, shares trading in New York as of 1:10 p.m. Eastern time were down 9.11% to $15.52, having earlier set a new 52-week lower of $15.41. Nevertheless, Infosys still holds a substantial market cap of $72.01 billion.