Infosys
September quarter results remained a mixed bag as it reported net profit which
was more than estimates, but lowered guidance for the second quarter in a row,
pulling the stock into negative territory.
The
IT bellwether on Friday reported a 4.95 per cent quarter-on-quarter (QoQ) rise
in net profit to Rs 3,606 for the quarter ended September 30. The second
largest domestic IT firm by sales had reported a net profit of Rs 3,436 crore
in June quarter.
The
numbers were a tad better than Street estimates, given the firm had already
informed stock exchanges of challenges it was facing, owing to ramp down in RBS
contract and other client specific issues.
However,
the company lowered its revenue guidance (constant currency) for FY17, which
hurt the sentiment.
The
company said its net sales stood at Rs 17,310 crore for the quarter against Rs
16,782 crore revenue it reported in the June quarter
Dollar
revenue for the quarter stood at $2,587 million (constant currency), up 3.9 per
cent QoQ against $2,501 million in June quarter.
Net
profit was up 5.5 per cent sequentially to $539 million.
Revenue
Guidance:
The
IT major revised its FY17 revenue guidance to 8.0%-9.0% in constant currency
terms for the second time this financial year. This constant currency guidance
translates to 8.2% - 9.2% in dollar terms based on March 31st rates, 7.5% -
8.5% based on June 30th rates and 7.5% - 8.5% based on September 30th rates.
The
company cut its FY17 revenue guidance (constant currency) for second time this
year to 8-9 per cent against 10.5-12 forecast earlier. This was largely in line
with Street expectations. Dollar revenue guidance was lowered to 7.5-8.5 per
cent from 10-11.5 per cent earlier.
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