Infosys tanks on lower-than-expected FY14 guidance

Infosys said its consolidated revenues are expected to grow 6-10% in FY14, much below Nasscom's 12-14% expectations

Infosys has slumped 15% to Rs 2,479 in opening deals after the information technology (IT) company said its consolidated revenues are expected to grow between 6-10%, a much below than Nasscom’s 12-14% industry growth expectations for the current fiscal 2013-14 (FY13-14).

Meanwhile, Infosys has posted a marginal 1.1% quarter-on-quarter (Q4) growth in consolidated net profit at Rs 2,394 crore for the fourth quarter ended March 31, 2013. Net revenues too grew 0.3% at Rs 10,454 crore on q-o-q basis.

The board of directors recommended a final dividend of Rs 27 per share for fiscal 2013.

“The global currency market continues to be volatile reflecting the uncertain economic environment. Our hedging strategy helps us to minimize the volatility impact," said Rajiv Bansal, chief financial officer.