Infosys crashes 20%; Q4 earnings miss street estimates
Infosys has crashed around 20 percent in the opening bell post Q4FY13 dismal numbers. The company's fourth quarter earnings has disappoint street on all parameters.
Infosys has crashed around 20 percent post Q4FY13 dismal numbers. At 09:15 hrs Infosys was quoting at Rs 2,546.30, down Rs 370.40, or 12.70 percent. It has touched an intraday high of Rs 2,625.05 and an intraday low of Rs 2,500. It was trading with volumes of 42,951 shares.
Infosys' fourth quarter net profit rose 3 percent year-on-year (1 percent quarter-on-quarter) to Rs 2,394 crore, partly helped by higher other income and lower income tax expenses.
However, its revenue growth of Rs 10,454 crore, up 18 percent YoY (0.3 percent sequentially), was lower than what the street had forecast.
Analysts on average had expected the India's second largest software services exporter to report a net profit of Rs 2,297 crore, on revenue of Rs 10,730 crore, according to a CNBC-TV18 poll.
Infosys has guided for a full year revenue growth of 6-10 percent, which is also much lower than what the industry body NASSCOM has forecast. It has not provided earnings per share guidance for the full year.