We present GRANAT/SIGMA observations of the soft gamma-ray afterglow immediately after the bright GRB 920723. After s, the burst light curve makes a smooth transition into an afterglow where flux decays as t-0.7 for at least s. At least of main burst energy is emitted in the afterglow. The hardness of the afterglow spectrum corresponds to the power law spectral index , which is significantly softer than the main burst.