IT solutions provider Infosys ' profit beat analysts' expectations, rising 4.9 percent to Rs 3,606 crore in July-September quarter but reduced full year guidance considerably due to uncertain external environment.
Rupee revenue rose 3.14 percent to Rs 17,310 crore and dollar revenue was up 3.4 percent at USD 2,587 million on sequential basis, which were in line with estimates.
The country's second largest IT company slashed its revenue guidance for FY17 to 8-9 percent from 10.5-12 percent earlier in constant currency terms after considering performance of H2FY17 and near-term uncertain business outlook.
"We focused on strong execution in Q2 with core IT services business showing good progress on the strength of innovation and operational initiatives. While we continue to navigate an uncertain external environment, we remain focused on executing our strategy and increasing momentum of software plus services model," Vishal Sikka, CEO said.
According to CNBC-TV18 poll, profit was estimated at Rs 3,500 crore on revenue of Rs 17,150 crore in July-September quarter. Dollar revenue was expected at USD 2,559 million.
The fall in operating expenses helped earnings before interest and tax (EBIT) jump 6.5 percent to Rs 4,309 crore and margin expand by 80 basis points to 24.9 percent on QoQ basis, which were ahead of estimates of Rs 4,182 crore and 24.4 percent, respectively.
"Operating cash flows for the quarter were healthy and we effectively navigated a volatile currency environment through prudent hedging," MD Ranganath, CFO said.
Infosys has declared an interim dividend of Rs 11 per equity share.
At 09:59 hours IST, the stock was quoting at Rs 1,027, down 2.38 percent after hitting a 52-week low of Rs 996.15.
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