Infosys drops after paring revenue growth guidance for FY 2017

Infosys dropped 4.05% to Rs 1,009.45 at 10:00 IST on BSE after the company trimmed its revenue growth guidance for the year ending 31 March 2017.

The result was announced during market hours today, 14 October 2016. The results were as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was down 58.21 points or 0.21% at 27,584.90.

On BSE, so far 1.57 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter. The stock hit a high of Rs 1,080.70 in intraday trade. The stock hit a low of Rs 996.15 so far during the day, which is a 52-week low for the stock. The stock had hit a record high of Rs 1,278 on 3 June 2016.

The large-cap company has equity capital of Rs 1148.47 crore. Face value per share is Rs 5.

In its outlook, the company said that consolidated revenue for the fiscal year ending 31 March 2017 (FY 2017) is expected to grow 8% to 9% in constant currency. The guidance translates to 9.2% to 10.2% in rupee terms based on 31 March 2016 rates, 11.2% to 12.2% based on 30 June 2016 and 10.9% to 11.9% based on 30 September 2016 rates.

The company has further cut its revenue guidance for FY 2017. At the time of announcement of Q1 results, in constant currency terms, the company had forecast 10.5%-12% growth in revenue for FY 2017. At the time of announcement of Q4 March 2016 and FY 2016 results, the company had forecast 11.5%-13.5% growth in revenue for FY 2017 in constant currency terms.

The company's consolidated net profit grew 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016.

Infosys' board of directors declared an interim dividend of Rs 11 per share for the year ending 31 March 2017 (FY 2017).

Infosys is one of the leading information technology outsourcing services providers. The company provides business consulting, information technology and outsourcing services.

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