Employees of the Indian IT services provider Infosys received an email regarding their quarterly performance incentive. According to the email, this month the IT company would pay out an average of eighty percent of the September quarter performance bonus to qualified employees.
Employees at position level 6 and below band will receive variable pay for the second quarter of FY 2023–2024 with an average payment of 80%, per the company's correspondence with them.
Employees will receive the payout in November 2023, the email read, “This is to keep you all informed that the quarterly performance bonus payout for Q2 FY24 will happen in November 2023 payroll for all eligible employees.”
According to Infosys' Q2 FY24 financial reports, the company's sales was Rs 38,994 crore, representing a 2.3% increase in constant currency terms. With an EBIT margin of 21.2%, the IT giant's operating profit came to Rs 8,274 crore. YoY, the profit grew by 3.17 percent while the topline expanded by 6.72%. The profit climbed by 4.49 percent and the revenue increased by 2.8% over the previous quarter.
The company’s email read, “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.”
Infosys addressed the weak demand environment in its communication to its employees. “Dear Infoscion, we were able to stay relevant and build a solid foundation for future market share expansions in Q2, despite the challenging environment. You play a pivotal role in the success of our organisation, and we look forward to an optimistic quarter ahead with you,” the email read.