Infosys reports 4% drop in Q1 PAT at Rs 3,436 crore; cuts FY17 revenue guidance
BT Online July 15, 2016
Infosys, country's second largest software services firm, reported 4.47 per cent fall in consolidated net profit at Rs 3,436 crore in the June quarter of fiscal year 2016-17 against Rs 3597 crore in the March quarter of fiscal year 2015-16, which came in way lower than Street expectations.
The IT giant had reported Rs 3028 crore net profit in the corresponding quarter a year ago.
Brokerage Prabhudas Liladhar expected Infosys to report sequential revenue growth of 4.1 per cent in dollar terms and 4 per cent in constant currency terms implying 10 bps cross-currency tailwind.
Infosys cut its revenue guidance to 10.5-12 per cent in constant currency terms for 2016-17 from 11.5-13.5 per cent estimated earlier.
Revenue of the company jumped 1.40 per cent on quarter-on-quarter basis to Rs 16,782 crore from Rs 16,550 crore in the previous quarter ended March 31, 2016.
The company had reported topline of Rs 14,354 crore in the corresponding quarter last year.