Infosys shares drop 3% after revenue guidance misses expectations
Infosys CEO Salil Parekh says the IT major is seeing good traction in large deals but digital and discretionary spending is still a bit slower.
Infosys CEO Salil Parekh says the IT major is seeing good traction in large deals but digital and discretionary spending is still a bit slower.
Revenue of India's second-largest software services provider rose 1.3% to ₹37,923 crore
The IT heavyweight has fallen 11% in two of three trading sessions post Q4 results, while it lost ₹62,477 crore in market valuation during the same period.
The software services company's stock hit its 52-week low of ₹1,219 apiece on the BSE on Monday.
The U.S.-listed shares of Infosys plunged to $15.40 on NYSE, registering their biggest one-day selloff since December 2020.
The IT major forecasts slower revenue growth of 4-7% for FY24; EBIT margin to grow at 20-22%.
Infosys shares currently trade below its average target of ₹1,720.36, a potential upside of 24% from the current market price
There will be no change in relative positioning despite worsening macros as it has not translated to client cutting spending on existing projects, says ICICI Securities.
Shares of India's second-largest software services provider Infosys plunged 7% on Monday.
Digital now contributes nearly 60% to the company's revenues.