As per the company's communication to employees, those in position levels 6 and below are expected to receive an average variable pay of 80% for Q2 FY 2023-24.
Infosys, the Indian IT services company, has informed its employees via email about the quarterly performance bonus. The email states that eligible employees will receive the September quarter performance bonus this month, with an average payout of 80%. The communication specifies that employees at position level 6 and below will have an average variable pay of 80% for Q2 FY 2023-24.
The email stated that employees would receive the payout in November 2023, mentioning, "This is to inform you that the quarterly performance bonus payout for Q2 FY24 will be processed in the November 2023 payroll for all eligible employees."
Business Today has reached out to Infosys with specific queries, and the story will be updated upon the company's response.
As per the financials for Q2 FY24, Infosys reported a revenue of Rs 38,994 crore, indicating a 2.3% growth in constant currency terms. The company's operating profit reached Rs 8,274 crore, achieving an EBIT margin of 21.2%. The overall revenue increased by 6.72%, and the profit saw a 3.17% YoY growth. In comparison to the previous quarter, the revenue grew by 2.8%, and the profit increased by 4.49%.
According to the company's email, "Our strong performance in Q1 has established a sturdy foundation for future growth. We are steadfast in supporting businesses to expedite their digital transformations and address evolving client needs."
In its communication to employees, Infosys acknowledged the challenging demand environment, stating, "Dear Infoscion, despite the tough conditions, we managed to stay pertinent and lay a strong groundwork for future market share growth in Q2. Your pivotal role in our organization's success is acknowledged, and we anticipate a positive quarter ahead with you."
