Infosys only Indian co to list in TIME’s top 100 best companies
IT services major Infosys Ltd is the only Indian company that has made it to the top 100 list of the World's Best Companies of 2023 by US-based prestigious TIME Magazine. The Bengaluru-based Infosys has scored 88.38 to rank 64th among a total of 750 global companies.
"Infosys has been featured in TIME World’s Best Companies 2023 list. We are among the top 3 global professional services firms and the only brand from India in the Top 100 global rankings," shares Infosys.
The software services giant's sustainability rank stands at 135, while the employee satisfaction rank is 103, with a "high" growth rate.
Microsoft, Apple, Google parent Alphabet, and Meta Platforms (formerly Facebook) are the top four companies in the new statistical ranking of 750 of the world’s best companies by Statista and TIME.
Other companies in the top-10 list are Pfizer, American Express, Electrcite de France, BMW Group, and Dell Technologies.
"The ranking is based on a formula of revenue growth, employee satisfaction surveys, and rigorous environmental, social, and corporate governance (ESG, or sustainability) data," says TIME magazine.
In other news, Infosys has partnered with a "global company (name not mentioned)" to provide AI services using its platforms and AI solutions. "Infosys has entered into a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions," Infosys says in a statement.
The company says the total client target spend over 15 years is estimated at $1.5 billion, which is subject to parties entering into a master agreement.
Infosys had in May 2023 announced the launch of Topaz — an AI-first set of services, solutions, and platforms using generative artificial intelligence (AI) technologies.
Infosys says Topaz will converge the power of Infosys Cobalt cloud, and data analytics to AI-power business, and deliver solutions and intuitive experiences that drive growth. The platform leverages Infosys’ applied AI framework to build an AI-first core that has over 12,000 AI use cases, more than 150 pre-trained AI models, and over 10 AI platforms.
Infosys shares gained as much as 0.36% to ₹1,511.350 in intra-day trade today after opening higher at ₹1,515.35 against the previous closing price of ₹1,506.75 on the BSE.
In Q1 FY24, Infosys posted a 10.9% growth in net profit at ₹5,945 crore, as compared to ₹5,362 crore in the year-ago period. The revenue surged 10% to ₹37,933 crore, up from ₹34,470 crore in the same quarter last year. Its operating profit increased 14.1% to ₹7,891 crore YoY, while the operating margin grew 20.8% from 20.1% in the year-ago period.