Infosys expects revenue to grow 6-10% in 2013-14, less than Nasscom’s 12-14% forecast; stock plunges 18.5%
Infosys Q4 PAT stood at Rs23.94bn as against Rs23.69bn Q0Q. While Q4 bargains stands at Rs104.54bn as against Rs104.24bn Q0Q. Q4 other earnings is at Rs6.74bn.
Infosys close day's level; Stock of IT bellwether tanked an whooping 20% in the day's exchange at NSE. The bulls took over the counter after Infosys gave the direction beneath Nasscom's gauges in the wake of posting baffling numbers for Q4. Infosys stated that edges might feel obligated in the short term and bargain pipeline might be hearty. Development remains the greatest test for the association.
Infosys Q4 PAT stood at Rs23.94bn as against Rs23.69bn Q0Q. While Q4 bargains stands at Rs104.54bn as against Rs104.24bn Q0Q. Q4 other livelihood is at Rs6.74bn.
The stock was at Rs. Rs. 2312.25 around an whopping Rs. 605 or 20% at 02:18PM on NSE Friday. Add up to volumes changed at the counter stood at 88.7 Lakhs.
Infosys, until recently seen as the sector's bellwether company, reported fourth-quarter sequential revenue growth in dollar terms at 1.4%, against expectations of at least 3% growth.
The annual revenue forecast is also lower than that of US-based Cognizant Technology Solutions Corp., which forecast a revenue growth of 17% for fiscal 2013 and is increasingly being seen as one of the sector flag bearers.
Cognizant has beaten Infosys for the last three quarters in terms of revenue and has a good chance of repeating the feat when it announces its March quarter results next month, thereby overtaking Infosys for the first time in terms of full fiscal-year revenue.
Excluding its Lodestone unit, annual growth came in at 4.2%. Many brokerages, including JPMorgan, UBS, Barclays and Nomura, had expected the company to post in-line results and give a revenue guidance of 10-12% at least for the 2013-14 fiscal.
Last year, Infosys missed the lower end of its revenue forecast at least twice and stopped giving quarterly guidance.
The sluggish growth rates and increasingly impatient investors prompted Infosys to re-examine its strategy and it started cutting prices for select clients.
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