IT services giant Infosys Ltd. (NYSE: INFY) reported revenue on a US dollar basis rose 18.8% in constant currency in its fiscal second quarter ended Sept. 30.

“While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses,” said Salil Parekh, Infosys’ CEO and managing director.

“Operating margins in Q2 expanded sequentially by 150 bps, helped by our operational rigor,” CFO Nilanjan Roy said. “While supply-side challenges are gradually abating as reflected in the reducing attrition rates, they continue to exert pressure on our cost structure.”

Guidance

Infosys increased revenue guidance for the full 2023 fiscal year to growth of between 15% and 16%.

Share price and market cap

Shares of Infosys trading in New York were up 5.20% to $17.99 as of 12:49 p.m. Eastern time; they were 9.76% above their 52-week low, according to FT.com. The company had a market cap on the exchange of $74.18 billion.