IT major Infosys recovered from its early losses of as much as 1.24 per cent in late morning trade on Wednesday, a day after the company reported over 3 per cent rise in net profit but lowered its annual revenue forecast.
The stock dropped by 1.24 per cent to Rs 915.25 on BSE in early trade. At NSE, shares of the company slipped 1.21 per cent to Rs 915.25. However, later the stock recovered from losses and was trading 1.58 per cent higher at Rs 941.35 on BSE.
Infosys, India’s second-biggest software services exporter, on Tuesday reported a better-than-expected 3.3 per cent rise in the second quarter net profit to Rs 3,726 crore but slashed annual revenue forecast.
It cut revenue growth forecast to 5.5-6.5 per cent for the year to March 31, 2018, from 6.5-8.5 per cent previously projected. Revenue from operations rose 1.5 per cent to Rs 17,567 crore during the second quarter ended September 30, 2017-18.
In dollar terms, net profit stood at $578 million for the September quarter, 7.3 per cent higher a year ago. The revenue at $2.7 billion came in 5.4 per cent higher year-on-year. The company has declared an interim dividend of Rs 13 per share.