Infosys shares tumble 4 per cent post revised annual revenue guidance in third quarter 2016 results

Shares of Infosys took a hit by almost 4 per cent on the Sensex on Friday after the company revised its annual revenue guidance to 8.4-8.8 per cent. However, the company reported a 7 per cent growth in its consolidated net profit for the October-December quarter of the current fiscal.

Country’s second-largest software firm Infosys on Friday reported a 7 per cent growth in its consolidated net profit at Rs 3,708 crore for the October-December quarter of the current fiscal. The IT major revised its current fiscal constant currency revenue guidance to 8.4-8.8 per cent against 8-9 per cent estimated earlier.

Despite a positive opening, shares of the company failed to hold on the gains and went down by 3.6 per cent to Rs 964 as the trade progressed on BSE.

The Bengaluru-headquartered firm's net profit stood at Rs 3,465 crore in the corresponding three months a year ago. Its consolidated revenues in the third quarter rose 8.6 per cent to Rs 17,273 crore from Rs 15,902 crore in the year-ago period, the company said.

In dollar terms, Infosys posted a 4.4 per cent jump in net profit to USD 547 million, while revenue was up 6 per cent to USD 2.5 billion in the third quarter. 

Also Read: Infosys Q3 profit up 7 per cent to Rs 3,708 cr, revises revenue guidance