Bengaluru, India – April 17, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $19,277 million in FY25 revenues, growth of 4.2% in constant currency. Operating margin was at 21.1%, expansion of 0.5% year on year. Free cash flow was the highest ever at $4,088 million, an increase of 41.8% year on year. TCV of large deal wins was $11.6 billion for the year, with 56% net new.
Q4 revenues were $4,730 million, an increase of 4.8% year on year in constant currency and 3.6% in reported terms. Operating margin was at 21.0%, an increase of 0.9% year on year. “We have built a resilient organization with sharp focus on client-centricity and responsiveness to the market, thanks to the trust of our clients and dedication of our employees. Our performance for the year has been robust in terms of revenues, expansion in operating margins and highest ever free cash generation”, said Salil Parekh, CEO and MD. “Our depth in AI, cloud and digital and strength in cost efficiency, automation, and consolidation position us well for the needs of our clients”, he added.
Guidance for FY26:
• Revenue growth of 0%-3% in constant currency
• Operating margin of 20%-22%
Key highlights:
| For the quarter ended March 31, 2025 | For the year ended March 31, 2025 |
| Revenues in CC terms grew by 4.8% YoY and declined by 3.5% QoQ |
Revenues in CC terms grew by 4.2% YoY |
| Reported revenues at `40,925 crore, growth of 7.9% YoY |
Reported revenues at `162,990 crore, growth of 6.1% YoY |
| Operating margin at 21.0%, increase of 0.9% YoY and decline of 0.3% QoQ |
Operating margin at 21.1%, growth of 0.5% YoY |
| Basic EPS at `16.98, decline of 11.8% YoY | Basic EPS at `64.50, growth of 1.8% YoY |
| FCF at `7,737 crore, growth of 10.0% YoY; FCF conversion at 109.9% of net profit |
FCF at `34,549 crore, growth of 44.8% YoY; FCF conversion at 129.2% of net profit |
“FY25 operating margins expanded by 0.5% which reflects our relentless focus on identifying opportunities for efficiency and executing Project Maximus with discipline, after navigating through multiple headwinds in a challenging macro environment. We delivered the highest ever free cash flows in the history of the company in FY25,” said Jayesh Sanghrajka, CFO. The Board has proposed a final dividend of `22, which along with the interim dividend, is an increase of 13.2% over last year.” he added.
1. Client wins & Testimonials
- Infosys announced the expansion of its long-standing strategic collaboration with Citizens to Propel AI-led Transformation. Michael Ruttledge, Chief Information Officer, Citizens
Financial Group, said, “Infosys has been a key strategic collaborator in Citizens’ next-gen transformation program for the last five years. Together, we have not only modernized our
technology landscape with domain-centric, cloud native platforms but also built a foundation for future growth aligned with Citizens’ north star technology vision without losing focus on resiliency and stability.” - Infosys announced the expansion of its collaboration with Siemens AG to accelerate Siemens AG digital learning initiatives with generative AI. Jenny Lin, Global Head of Learning & Growth at Siemens AG, said, “A thriving learning and growth environment is essential for Siemens to maintain our competitive edge and foster innovation. By providing our people with the tools, resources, and support they need to continuously develop their skills, we empower our people to meet the challenges of the future. Infosys’ expertise in digital transformation and AI is very valuable in creating a more engaging and effective learning experience for everyone. By leveraging GenAI on Siemens’ digital learning platform we can foster a culture of lifelong learning and empower our teams to reach their full potential.”
- Infosys announced a strategic, long-term collaboration with Lufthansa Group (LHG) and Lufthansa Systems GmbH (LSY) to accelerate digital transformation and drive innovation in the aviation industry. Thomas Wittmann – CEO, Lufthansa Systems, said, “At Lufthansa Systems, we champion a modular approach to solutions and collaborations, ensuring adaptability and tailoring to the unique needs of each airline. This principle extends perfectly to our collaboration with Infosys. By combining our deep aviation expertise with Infosys’s global technology prowess and establishing a dedicated Global Capability Center (GCC), we are not only enhancing our one-stop-shop offerings but also accelerating the pace of digital innovation across the aviation industry. This collaboration empowers us to deliver cutting-edge solutions with greater agility and scale, ultimately benefiting our airline customers with more efficient, innovative, and cost-effective technologies.”
- Infosys announced a successful collaboration with LKQ Europe to adopt a unified, cloud-based digital platform to streamline its HR processes across 18 countries, leveraging Infosys Cobalt. David Brookfield, Vice President, Human Resources, LKQ Europe, said, “Our collaboration with Infosys is a crucial step in helping us harmonize and simplify our wider business processes – ultimately enabling faster delivery and better service for our end customers. Through the platform, we will unify our HR processes across locations to drive efficiency and enhance regulatory compliance. Looking ahead, we believe this platform will empower our workforce and foster a more cohesive organizational culture, enabling us to continue leading the automotive aftermarket industry.”
- Infosys announced the launch of its open-source Responsible AI Toolkit designed to help enterprises innovate responsibly while addressing the challenges and risks associated with ethical AI adoption. Sunil Abraham, Public Policy Director – Data Economy and Emerging Tech, Meta, said, “We congratulate Infosys on launching an openly available Responsible AI Toolkit, which will contribute to advancing safe and responsible AI through open innovation. Open-source code and open datasets is essential to empower a broad spectrum of AI innovators, builders, and adopters with the information and tools needed to harness the advancements in ways that prioritize safety, diversity, economic opportunity and benefits to all.”
- Infosys announced a strategic collaboration with Ontex Group N.V. to drive their ERP transformation. Jeroen Dejonckheere, VP Business Transformation, Ontex, said “We are
excited to collaborate with Infosys on our business transformation journey for modernising our ERP systems to SAP S/4HANA. We also look forward to leveraging Infosys Topaz and
embrace the power of AI for our enterprise growth. This will be a significant step forward for us to deliver exceptional experiences for our employees, suppliers, and customers.”
2. Recognitions & Awards
Brand
- Recognized as one of the World’s Most Ethical Companies in 2025 for the fifth consecutive year by Ethisphere
- Recognized as the Global Top Employer 2025 for the fifth consecutive year by the Top Employers Institute
- Recognized as a Top 3 IT services brand and the fastest growing IT services brand globally in the Brand Finance Global 500 2025 report
- Featured in 2025 LinkedIn’s Top Companies list in India, US, and Canada
AI and Cloud Services
- Positioned as a leader in The Forrester WaveTM: Application Modernization and Multicloud Managed Services, Q1 2025
- Rated as a leader in IDC MarketScape: EMEA Industry Cloud Professional Services 2024-2025 Vendor Assessment
- Recognized as leader in ISG Intelligent Automation – Services 2024 Provider lens™ study in US and Europe
- Recognized as leader in ISG Advanced Analytics and AI Services 2024 Provider lens™ study in US and Europe
- Recognized as leader in ISG Oracle Cloud and Technology Ecosystem 2024 Provider lens™ study in US, APAC and Europe
Key Digital Services
- Positioned as a leader in The Forrester WaveTM: Modern Application Development Services, Q1 2025
- Rated as a leader in Custom Application Development Services PEAK Matrix® Assessment 2025 by Everest Group
- Rated as a leader in Application Management Services PEAK Matrix® Assessment 2025 by Everest Group
- Rated as a leader in SAP Business Application Services PEAK Matrix® Assessment 2025 by Everest Group
- Rated as a leader in IDC MarketScape: Worldwide SAP Implementation Services 2025 Vendor Assessment
- Rated as a leader in IDC MarketScape: Worldwide IIoT Engineering and Managed Services
- Rated as a leader in IDC MarketScape: Worldwide IIoT Consulting and Integration Services
- Recognized as a leader in HFS Horizons: Salesforce Services, 2025
- Recognized as a leader in HFS Horizons: Generative Enterprise Services, 2025
- Recognized as a leader in Cognitive & Self-Healing IT Infrastructure Management Solutions 2025 by NelsonHall
- Positioned as a leader in Constellation ShortList™: Cybersecurity Services
- Positioned as a leader in Constellation ShortList™: Innovation Services and Engineering
- Positioned as a leader in Constellation ShortList™: Microsoft End-to-End Service Providers
- Positioned as a leader in Constellation ShortList™: QA Tools for NextGen Apps
- Recognized as leader in ISG Mainframe Services 2025 Provider lens™ study in US, Europe, and US Public Services
- Positioned as a leader in CapioIT APAC Salesforce SI and Solutions Providers Ecosystem Capture Share Report, 2025
Industry & Solutions
- Recognized as a leader in HFS Horizons: Telecom Service Providers, 2025
- Recognized as a leader in Core Banking Services 2025 by NelsonHall
- Recognized as leader in ISG Oil & Gas Industry – Services and Solutions 2024 Provider lens™ study in Europe and North America
- Recognized as leader in ISG Healthcare Digital Services 2024 ISG Provider lens™ study in US
- Recognized as leader in ISG Insurance Services 2024 Provider lens™ study in North America, ANZ and Europe
- Recognized as leader in ISG Telecom, Media & Entertainment Industry Services 2024 Provider lens™ study in EMEA
- Recognized as leader in ISG Manufacturing Industry Services 2024 Provider lens™ study in North America and Europe
- Recognized as leader in ISG Sustainability and ESG 2024 Provider lens™ study in Australia, US and Europe
- Recognized as leader in ISG Power & Utilities Services 2024 Provider lens™ study in North America, Europe and APAC
- Infosys Finacle received the Technology & Innovation Award under the Best Solution for Trade & Supply Chain category at the TMI Awards for Innovation & Excellence – 2024
- Infosys Finacle alongside its clients Newcastle Permanent (NP), Union Bank of Philippines, and Axis Bank received recognition at the Retail Banker International Asia Trailblazer Awards 2025 for Best Partnership for Customer Experience (with NP), Best Open Banking Initiative (with Union Bank of Philippines), and Best Strategic Partnership (with Axis Bank)
- Infosys Finacle alongside its clients Zand Bank, Emirates NBD, Union Bank of Philippines, and Arab National Bank received recognition at the Global Business Magazine Winners 2025 for Best Digital-First Bank UAE 2025 (Zand Bank), Best Cloud-Based Core Banking Implementation Saudi Arabia 2025 (Emirates NBD), Best Customer Experience Innovation Philippines 2025 (Union Bank of Philippines), and Outstanding Digital Banking Transformation Saudi Arabia 2025 (Arab National Bank)
- Infosys Finacle recognized as a leader in the 2025 Gartner® Magic Quadrant™ for Retail Core Banking Systems, Europe
- Infosys BPM received the SSON North America Impact Awards 2025 with T-Mobile in the ‘Customer Centricity’ category
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