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Infosys hits 52-week low after trimming revenue growth guidance for FY 2017

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lost 2.36% to Rs 1,027.20 at 10:28 on after the company trimmed revenue growth guidance for the current financial year at the time of announcing Q2 September 2016 today, 14 October 2016.

Meanwhile, the S&P Sensex was up 30.94 points or 0.11% at 27,674.13.

On BSE, so far 5.56 lakh shares were traded in the counter as against average daily volume of 3.32 lakh shares in the past one quarter. The stock was highly volatile. The lost as much as 5.31% at the day's low of Rs 996.15 so far during the day, which is a 52-week low for the counter. The stock rose as much as 2.72% at the day's high of Rs 1,080.70 so far during the day. The stock had hit a record high of Rs 1,278 on 3 June 2016. The stock had outperformed the market over the past one month till 13 October 2016, sliding 0.19% compared with 2.51% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, declining 11.83% as against Sensex's 0.62% fall.

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

In constant currency terms, the company now expects revenue to grow by 8% to 9% for the year ending 31 March 2017 (FY 2017). The company had forecast 10.5%-12% growth in revenue for FY 2017 in constant currency terms at the time of announcing Q1 June 2016 on 15 July 2016. The company had at the beginning of FY 2017 estimated its revenue growth at 11.5-13.5%.

Infosys' consolidated net profit rose 4.9% to Rs 3606 crore on 3.1% growth in revenue to Rs 17310 crore in Q2 September 2016 over Q1 June 2016. The are as per International Financial Reporting Standards (IFRS). The result was announced during market hours today, 14 October 2016.

Infosys' CEO Dr. Vishal Sikka said that the company focused on strong execution in Q2 September 2016 with its core IT services business showing good progress on the strength of its innovation and operational initiatives. While the company continues to navigate an uncertain external environment, it remains focused on executing its strategy and increasing momentum of its software plus services model, Sikka said.

M.D. Ranganath, CFO of said the company's margins expanded during the quarter on the back of further improvement in operational efficiency. Operating cash flows for the quarter were healthy and the company effectively navigated a volatile currency environment through prudent hedging, he said.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 14 2016. 10:23 IST