Infosys crashes 20 pc, Q4 earnings miss street estimates
Infosys revenue growth of Rs 10,454 crore, up 18 per cent year-on-year (0.3 per cent sequentially), was lower than what the street had forecast.
Infosys has crashed around 20 per cent post Q4FY13 dismal numbers. At 09.15 am, Infosys was quoting at Rs 2,546.30, down Rs 370.40, or 12.70 per cent. It has touched an intraday high of Rs 2,625.05 and an intraday low of Rs 2,500. It was trading with volumes of 42,951 shares.
Infosys' fourth quarter net profit rose 3 per cent year-on-year (1 per cent quarter-on-quarter) to Rs 2,394 crore, partly helped by higher other income and lower income tax expenses. However, its revenue growth of Rs 10,454 crore, up 18 per cent year-on-year (0.3 per cent sequentially), was lower than what the street had forecast.
Analysts on average had expected the India's second largest software services exporter to report a net profit of Rs 2,297 crore, on revenue of Rs 10,730 crore, according to a poll. Infosys has guided for a full year revenue growth of 6-10 per cent, which is also much lower than what the industry body NASSCOM has forecast. It has not provided earnings per share guidance for the full year.