Bangalore: Indian multinational corporation Infosys has reported a consolidated net profit of Rs 3,436 crore
in the April-June quarter, a 4.29 percent drop from the Rs 3,590 crore net
profit posted in the Jan-Mar quarter.
However, compared to the year ago period, Infosys’ net profit rose
13.4 percent. The company had posted a net profit of Rs 3,028 crore in the same
period last year.
Soon after the results, the company’s stock crashed over 9 percent.
At 10:45 hours, Infosys stock was down Rs 1,076.65, down Rs 99.20 or 8.44
percent lower.
In a release, CEO Dr Vishal Sikka said, “We
had unanticipated headwinds in discretionary spending in consulting services
and package implementations as well as slower project ramp-ups in large deals
that we had won in earlier quarters, resulting in a lower than expected growth
in Q1.” “Going forward, we will continue our strong focus on our long-term
goals and vision of transforming Infosys where open, intelligent technology
amplifies people and frees them to innovate in a culture of learning and
collaboration, while bringing operational excellence and cost discipline to every
aspect of our business,” he added.
The company’s revenue grew to Rs 16,782
crore in the quarter, up from Rs 16,550 crore posted in the Jan-Mar period.
Compared to the year ago period, Infosys’
revenue has risen 16.91 percent from Rs 14,354 crore to Rs 16,782 crore.
The company said it has cut its revenue
guidance to 10.5 - 12 percent in the constant currency terms for 2016-17 from
11.5 - 13.5 percent.
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