Shares fell 9.35 percent to 1065.95 rupees in late morning trade.
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Infosys cut its revenue guidance to 10.5-12 per cent in constant currency terms for 2016-17 from 11.5-13.5 per cent estimated earlier.
The Bangalore-based IT services exporter reported a 13 percent rise in first-quarter net profit year-on-year but revised down its sales forecast, sparking the share-price fall.
For the June quarter, Infosys posted a net profit of $511 million, compared with $476 million in the year-ago period.
Indian IT services giant Infosys Ltd warned it won’t make its previous revenue target for this fiscal year, cutting its outlook after first-quarter earnings came in below estimates and Britain’s vote to exit the European Union left the company with little visibility on future business prospects.
Analysts on average had expected a net profit of 34.42 billion rupees, according to data compiled by Thomson Reuters.
The Bengaluru-based firm had reported a net profit of Rs 3,597 crore in the year-ago period as per Indian Accounting Standard, it said in a BSE filing. Attrition rate (on an annualised consolidated basis) during the quarter stood at 21 percent, up from 17.3 percent in the preceding March quarter.
Infosys chief Vishal Sikka today remained confident of the IT major’s ability to fulfil its “aspiration” of touching United States dollars 20 billion revenue by 2020, saying that performance in one quarter will not hold it back from reaching the milestone. David’s exit marks at least the fifth top-level departure from Infosys since Sikka took over as CEO in 2014.
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“Our client additions and top client growth was strong during the quarter. If you look at revenue per employee overall for the company, that has gone up slightly and that is the direct result of high margin non-linear growth that we see in new software areas as well as better utilisation and deployment of zero bench (to more or less erase the notion of bench)”, he said.
