Infosys, India’s IT giant, lowers FY forecast due to tough conditions after Q1 profit disappointment.
BENGALURU (Reuters) –
Infosys Cuts Full-Year Revenue Growth Outlook
Indian software services provider Infosys has announced a reduction in its infosys-cuts-fy-outlook-in-challenging-environment-after-q1-profit-miss/” title=”Infosys, India’s IT giant, lowers FY forecast due to tough conditions after Q1 profit disappointment.”>full-year revenue growth outlook due to a challenging environment. This comes after the company reported first-quarter profit below estimates.
The country’s second-largest IT services firm by revenue now expects its full-year revenue growth to be between 1-3.5% on a constant currency basis, down from its previous projection of 4-7%.
Consolidated net profit rose 10.9% to 59.45 billion rupees ($725.5 million) in the three months to June 30.
Analysts had expected a profit of 61.41 billion rupees, Refinitiv data shows.
India’s IT services companies have kicked off the earnings season on a weaker note, with market leader Tata Consultancy Services warning of an uncertain demand environment, with smaller peers HCLTech and Wipro reporting and projecting muted growth.
Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates.
Infosys saw its large deal signings rise to $2.3 billion rupees from $1.7 billion year ago.
($1 = 81.9409 Indian rupees)
(Reporting by Sethuraman NR in Bengaluru; Editing by Sonia Cheema)
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