Infosys Q3 profit took 2.2% hit on new Labour Codes

Peers TCS and HCLTech were also impacted in a similar manner.

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On a constant currency basis, which discounts the impact of currency fluctuations, the company grew 1.7 per cent, way better than larger rival TCS, but lagging HCLTech, which posted the strongest growth of 4.8 per cent among the three. “We have confidence in where the market is and where the demand is, and that is why we are raising the guidance. There were a lot of deals in previous quarters and strong execution this time,” said Salil Parekh, chief executive officer and managing director, Infosys.

Parekh clarified that the revised guidance does not include the impact of the acquisition of Versent, an Australian technology and consulting firm in which Infosys acquired a majority stake in August. It, however, does factor in the billion-pound deal signed with the NHS Business Services Authority (NHSBSA) to modernise its workforce management solution across England and Wales.