Infosys Cuts Annual Sales Growth Forecast; Profit Beats EstimateSharang Limaye
Infosys Ltd., India’s second-biggest software exporter, cut its annual dollar sales growth forecast while reporting a 9.7 percent increase in quarterly profit.
Net income in the three months through Sept. 30 rose to 34 billion rupees ($525 million) from 31 billion rupees a year earlier, the Bengaluru-based company said in a statement. That compares with the estimate for a profit of 32.8 billion rupees in a Bloomberg survey.
The sales growth forecast for the year through March 31 was cut to 6.4 percent to 8.4 percent in dollar terms from an earlier guidance of 7.2 percent to 9.2 percent.
Shares of the company fell 3 percent to 1,135 rupees as of 9:24 a.m. in Mumbai after jumping as much as 4.5 percent earlier.