India-based 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 30 September 2022.

“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 rigour,” 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.

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

Infosys shares closed yesterday at INR 1,419.90 (USD 17.23), down 0.61% on the day. The company has a market cap of INR 6.18 trillion (USD 75.00 billion).