First quarter earning for the current financial year of Indian giant IT company Infosys were in-line with the analysts’ expectations on Friday. The consolidated profit of Infosys dropping 4.3% sequentially to Rs 3,440 crore. The net profit was largely in line with ET Now Poll of Rs 3,437 crore.
The IT giant Infosys reported a net profit of Rs 3,597 crore in the previous quarter.
Reacting to results, Infosys slipped over 4% to hit Rs 1,122. On Friday morning at 10:00 am, the stock was trading 4.5% lower at Rs 1122.95.
Indian giant IT company Infosys revised guidance on the lower side. The FY17 revenue dollar guidance was revised to 10.5%-12.0% in constant currency.
The above constant currency guidance translates to 11.7%-13.2% in INR terms based on March 31st rates and 13.7%-15.2% based on June 30th rates.
Dollar revenue for the quarter increased 2.2% QoQ to $2501 million for the quarter-ended June 30 from $2446 million reported in the previous quarter. It was slightly lower than ETNow estimate of $2,554 million.
