Infosys to roll out 80% variable pay for Q2FY24 in November

Indian IT services company Infosys has sent an email to employees about their quarterly performance bonus. As per the email, the IT company will roll out the September quarter performance bonus to eligible employees at an average of 80 per cent payout this month. 

According to the company’s communication with employees, employees at position level 6 and below band would receive an average payout of 80 per cent as variable pay for Q2 FY 2023-24.

Employees will receive the payout in November 2023, the email read, “This is to keep you all informed that the quarterly performance bonus payout for Q2 FY24 will happen in November 2023 payroll for all eligible employees.”

Business Today has reached out to Infosys with detailed queries. The story will be updated as and when the company responds.

As per the company’s financials for Q2 FY24, Infosys reported revenue at Rs 38,994 crore, with a 2.3 per cent revenue growth in constant currency terms. The IT major's operating profit reached Rs 8,274 crore, with an EBIT margin of 21.2 per cent. The topline increased by 6.72 per cent and the profit increased by 3.17 per cent YoY. As compared to the previous quarter the revenue grew by 2.8 per cent and the profit increased by 4.49 per cent.

The company’s email read, “We delivered a good performance in Q1, setting a robust foundation for future expansion. We remained committed to helping businesses accelerate their digital journeys and catering to emerging client requirements.”

Infosys addressed the weak demand environment in its communication to its employees.

“Dear Infoscion, we were able to stay relevant and build a solid foundation for future market share expansions in Q2, despite the challenging environment. You play a pivotal role in the success of our organisation, and we look forward to an optimistic quarter ahead with you,” the email read.