IT major marginally cuts annual revenue guidance for the third time
Infosys, India’s second largest software services exporter, has reported a 7 per cent growth in net profit for the three months ended December 31, 2016 at Rs 3,708 crore, as against Rs 3,465 crore reported in the comparable year ago quarter. On a sequential basis, the net profit of the Indian IT major increased by 2.8 per cent in the latest quarter, as against Rs 3,606 crore reported in September quarter of 2016.
The company’s revenue grew by 8.6 per cent in the third quarter ended December 31, 2016 of the current financial year at Rs 17,273 crore, as against Rs 15,902 crore reported in the comparable year-ago quarter. However, on a sequential basis, the company’s revenue declined by 0.2 per cent in the latest quarter, from Rs 17,310 crore reported in the second quarter of this financial year.
Infosys has marginally lowered its annual revenue guidance for the third time this financial year and it has now guided the annual revenues, in constant currency, to grow at 8.4 – 8.8 per cent, as against 8 – 9 per cent indicated at the end of second quarter. The annual dollar revenue guidance too has been lowered at 7.2 – 7.6 per cent, as against 7.5 – 8.5 per cent guided earlier.
“Taking into account the seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations,” said Vishal Sikka, CEO and MD, Infosys Ltd. “Beyond the quarterly numbers, we continue to focus sharply on the execution of our strategy,” he added.
Sikka also said the company had achieved the feat of reaching $10 billion mark in annual revenue run rate, describing it as an "emotional and psychological milestone".
Industry leader and India’s largest software services exporter, TCS on Thursday reported a 2.9 per cent higher consolidated profit on a year-on-year basis in Q3 at Rs 6,814 crore.
The company’s consolidated revenue in Q3 grew 8.7 per cent to Rs 29,735 crore, as against Rs 27,364 crore in the December, 2015 quarter. On a standalone basis, TCS posted a 1.5 per cent higher net profit of Rs 6,084 crore in the latest quarter.
Broking house, Angel Broking has said that Infosys posted better than expected results, especially on the EBIT and net profit front.
“The company posted a 1.4 per cent sequential de-growth in dollar revenues to $2,551 million as against $2,561 million expected.
On constant currency terms, the de-growth was 0.3 per cent,” said Sarabjit Kour Nangra, VP Research – IT, Angel Broking.
The company’s revenue grew by 8.6 per cent in the third quarter ended December 31, 2016 of the current financial year at Rs 17,273 crore, as against Rs 15,902 crore reported in the comparable year-ago quarter. However, on a sequential basis, the company’s revenue declined by 0.2 per cent in the latest quarter, from Rs 17,310 crore reported in the second quarter of this financial year.
Infosys has marginally lowered its annual revenue guidance for the third time this financial year and it has now guided the annual revenues, in constant currency, to grow at 8.4 – 8.8 per cent, as against 8 – 9 per cent indicated at the end of second quarter. The annual dollar revenue guidance too has been lowered at 7.2 – 7.6 per cent, as against 7.5 – 8.5 per cent guided earlier.
“Taking into account the seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations,” said Vishal Sikka, CEO and MD, Infosys Ltd. “Beyond the quarterly numbers, we continue to focus sharply on the execution of our strategy,” he added.
Sikka also said the company had achieved the feat of reaching $10 billion mark in annual revenue run rate, describing it as an "emotional and psychological milestone".
Industry leader and India’s largest software services exporter, TCS on Thursday reported a 2.9 per cent higher consolidated profit on a year-on-year basis in Q3 at Rs 6,814 crore.
The company’s consolidated revenue in Q3 grew 8.7 per cent to Rs 29,735 crore, as against Rs 27,364 crore in the December, 2015 quarter. On a standalone basis, TCS posted a 1.5 per cent higher net profit of Rs 6,084 crore in the latest quarter.
Broking house, Angel Broking has said that Infosys posted better than expected results, especially on the EBIT and net profit front.
“The company posted a 1.4 per cent sequential de-growth in dollar revenues to $2,551 million as against $2,561 million expected.
On constant currency terms, the de-growth was 0.3 per cent,” said Sarabjit Kour Nangra, VP Research – IT, Angel Broking.
