India's Infosys Hits Over 2-Year Low on Downbeat Revenue Outlook
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BENGALURU, India (Reuters) – Infosys shares fell as much as 10 percent on Monday and reached their lowest levels in more than two years. The IT services exporter had forecast that revenue growth in this fiscal year would be the lowest in six years. It also missed profit expectations for the fourth-quarter.
India's second largest IT services company said on Thursday that it expected revenue growth between 4% and 7% for the fiscal period ending March 2024. This is well below analyst expectations of 10.7%, as clients cut back or delayed spending because of growing fears of recession in many countries.
According to Refinitiv, the Bengaluru-based company's January-March quarter net profit was 61.28 trillion rupees ($748.21 millions), which fell short of analysts' expectations. Analysts had expected 66.24 trillion rupees.
The Nifty IT Index dropped by over 6%.
$1 = 81.9020 Indian Rupees