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Infosys loses 15 year $1.5 Billion deal

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Infosys | Infosys loses mega contract as global client terminates USD 1.5  billion deal - Telegraph India
  1. Infosys, India’s second-largest IT services exporter, lost a significant $1.5 billion deal with an undisclosed global company, as stated in a notice to the stock exchanges.
  2. The company had previously announced a Memorandum of Understanding (MoU) in September, intending to provide enhanced digital experiences, modernization, and business operations services, leveraging its platforms and AI solutions.
  3. The termination of the MoU means the parties will not pursue the Master Agreement, affecting the envisaged $1.5 billion client target spend over 15 years.
  4. Infosys did not disclose the name of the global company involved in the terminated deal.
  5. Despite a 3.1% year-on-year rise in net profit and 6.7% revenue growth in the second quarter of FY24, Infosys offered cautious guidance for the ongoing financial year, expecting a modest revenue growth range of 1-2.5%.

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