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Infosys shares slump over 5% on FY17 revenue guidance cut

Shares of IT major Infosys on Friday fell by over 5 percent after the company slashed its revenue guidance for the second time this year due to its recent performance and "near-term uncertain business outlook".



New Delhi: Shares of IT major Infosys on Friday fell by over 5 percent after the company slashed its revenue guidance for the second time this year due to its recent performance and "near-term uncertain business outlook".

Even after a positive opening, shares of the company failed to hold on to the gains and dipped 5.31 percent to Rs 996.15 -- its 52-week low on BSE.

At NSE, shares of the company plunged 5.33 percent to hit its one year low of Rs 996.25.

IT major Infosys today posted a 6.1 percent rise in consolidated net profit at Rs 3,606 crore for the September quarter and slashed its revenue guidance for the second time this year due to its recent performance and "near-term uncertain business outlook".

The Bengaluru-based firm had reported a net profit of Rs 3,398 crore in the year-ago period, it said in a BSE filing.

The consolidated revenue for the quarter was up 10.7 percent at Rs 17,310 crore, from Rs 15,635 crore in July- September 2015. The figures are as per Indian Accounting Standard (Ind AS).

Revenues are now expected to grow 8-9 percent in constant currency, translating to 9.2-10.2 percent in INR terms and 8.2-9.2 percent in USD terms.

This is the second time the company has reduced its revenue guidance for the fiscal. In July, Infosys had said it expected revenues to grow 10.5-12 percent in constant currency terms, lower than the previously estimated 11.5-13.5 percent for the full year 2016-17.

From Zee News

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