Infosys Shares Gain After Firm Raises Revenue Growth Guidance
India's second largest software services firm has guided for 16%-16.5% revenue growth in the fiscal ending March 31.
Shares of Infosys Ltd. gained after the company raised its revenue growth guidance for the fiscal ending March 31.
Infosys on Thursday beat estimates on all fronts, with its revenue rising 4.8% sequentially to Rs 38,318 crore in the December quarter, according to an exchange filing on Thursday. That compares with the Rs 37,963-crore consensus estimate of analysts tracked by Bloomberg.
Infosys Q3 Results: Key Highlights (QoQ)
EBIT up 4.6% at Rs 8,242 crore, against an estimate of Rs 8,263 crore.
EBIT margin at 21.5% compared to 21.55%. Analysts had estimated it at 21.8%.
Net profit up 9.2% at Rs 6,586 crore, compared to an estimate of Rs 6,465 crore.
India's second largest software services firm has guided for 16-16.5% revenue growth in the fiscal ending March 31, compared to 15-16% projected at the end of the September quarter, and 14-16% at the end of the June quarter.
Shares of Infosys Ltd. gained rose 2.35% to Rs 1515.45 as of 1:20 p.m., compared to a 0.63% gain in the NSE Nifty 50.
Of the 49 analysts tracking the company, 43 maintain 'buy', four suggest 'hold' and two recommend 'sell', according to Bloomberg data. The 12-month consensus price target implies an upside of 14.4%.
(with inputs from PTI)