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Infosys

Infosys cuts revenue forecast

Infosys The main TI recorded a consolidated Rs 3,606 crore, up 6.1 percent from the same period last year net profit.

Infosys disappointed investors by lowering its annual forecast revenue growth for the second time in the last three months citing an uncertain external environment. While the company reported a net profit better than expected for the quarter, which cut its FY17 growth guidance to 8-9 percent in constant currency terms.

The main TI recorded a consolidated Rs 3,606 crore, up 6.1 percent from the same period last year net profit. “While we continue to navigate an uncertain external environment, we remain focused on executing our strategy and the growing momentum of our model of software plus services. Given our performance in the first half of the year and short-term business prospects uncertain, we are revising our revenue guidance, “said Vishal Sikka, CEO of Infosys Ltd

However, he added that the company had won large orders of more than $ 1.2 billion, which he was good at a difficult time and structurally challenging.
Infosys added 78 clients in Q2, bringing its total number of active clients to 1,136. In July, Infosys had lowered its revenue growth guidance for FY17 to between 10.5 percent – 12 percent amid slowdown in discretionary spending in its main markets abroad.

“While Infosys Q2FY17 revenue growth in constant currency of 3.9 percent from the previous quarter was significantly higher than our estimates, some of the headwinds that were Factoring in Q2, mainly from the termination of RBS filtered out in the second half of FY17, “said Ashish Chopra, Motilal Oswal Securities.

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