Eight IT stocks fell by 2.10% to 0.17% at 11:46 IST on BSE after the sector bellwether Infosys announced weak Q4 March 2017 results.
TCS (down 2.01%), Wipro (down 0.99%), HCL Technologies (down 0.97%), Tech Mahindra (down 0.88%), MindTree (down 0.47%), Persistent Systems (down 0.39%) and Hexaware Technologies (down 0.17%), edged lower. Oracle Financial Services Software (up 0.19%) and MphasiS (up 0.23%), edged higher.
IT major Infosys fell 2.10% to Rs 948.50 after the company reported weak Q4 March 2017 results before market hours today, 13 April 2017.
The S&P BSE IT index was down 147.17 points, or 1.47% at 9,856.94. It underperformed the S&P BSE Sensex was down 45.15 points, 0.15% at 29,598.33.
The S&P BSE IT index had underperformed the market over the past one month till 12 April 2017, falling 5.41% compared with 0.68% rise in the Sensex. The index had, however, outperformed the market in past one quarter, falling 1.38% as against Sensex's 8.79% rise.
Infosys' consolidated net profit fell 2.8% to Rs 3603 crore on 0.9% decline in revenues to Rs 17120 crore in Q4 March 2017 over Q3 December 2016. Consolidated operating profit fell 2.8% to Rs 4212 crore in Q4 March 2017 over Q3 December 2016.
Consolidated net profit rose 6.4% to Rs 14353 crore on 9.7% rise in revenues to Rs 68484 crore in the year ended March 2017 over the year ended March 2016. Operating profit rose 8.2% to Rs 16901 crore in the year ended March 2017 over the year ended March 2016. The result is as per International Financial Reporting Standards (IFRS).
The board of the company has identified that to pay up to Rs 13000 crore, or $2 billion, to shareholders via dividend or share buyback in Financial Year ending March 2018 (FY18). The board announced a final dividend of Rs 14.75 per share for the financial year ended 31 March 2017.
The company said its consolidated revenue is expected to grow 6.5%-8.5% in constant currency terms in the fiscal year ending 31 March 2018, under IFRS. The company said its revenue is expected to grow 2.5%-4.5% in Rupee terms in the fiscal year ending 31 March 2018, under IFRS, based on the exchange rates as of 31 March 2017. The company said its revenue is expected to grow 6.1%-8.1% in Dollar terms in the fiscal year ending 31 March 2018, under IFRS, based on the exchange rates as of 31 March 2017.
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