Infosys pares early losses, gains over 1 pc after Q2 results

IT major Infosys recovered from

its early losses of as much as 1.24 per cent in late morning

trade today, a day after the company reported over 3 per cent

rise in net profit but lowered its annual revenue forecast.

The stock dropped by 1.24 per cent to Rs 915.25 on BSE in

early trade. At NSE, shares of the company slipped 1.21 per

cent to Rs 915.25.

However, later the stock recovered from losses and was

trading 1.58 per cent higher at Rs 941.35 on BSE.

Infosys, India's second-biggest software services

exporter, yesterday reported a better-than-expected 3.3 per

cent rise in the second quarter net profit to Rs 3,726 crore

but slashed annual revenue forecast.

It cut revenue growth forecast to 5.5-6.5 per cent for

the year to March 31, 2018, from 6.5-8.5 per cent previously

projected.

Revenue from operations rose 1.5 per cent to Rs 17,567

crore during the second quarter ended September 30, 2017-18.

In dollar terms, net profit stood at USD 578 million for

the September quarter, 7.3 per cent higher a year ago.

The revenue at USD 2.7 billion came in 5.4 per cent

higher year-on-year. The company has declared an interim

dividend of Rs 13 per share.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)