Infosys shares tumble over 5 pc after earnings report
The Bengaluru-based company's net profit (after minority interest) was Rs 4,321 crore in the January-March 2020 quarter.
Shares price of Infosys on Thursday erased its opening gains and declined over 3 per cent on emergence of profit-booking a day after the company announced its September quarter earnings.
The company’s shares had opened on a positive note, gaining over 4 per cent and hitting a record high of Rs 1,185. But, the stock failed to maintain the momentum and dipped 3.18 per cent or Rs 36.10 to Rs 1,100.00 as the trade progressed on the BSE.
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Similarly, the scrip fell on the NSE too. At 1.53 pm the scrip was trading at Rs 1,098.15, down by 38.85 or 3.42 per cent.
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On Wednesday, the Bengaluru based IT major posted 20.5 per cent rise in September quarter net profit to Rs 4,845 crore. The company had reported net profit of Rs 4,019 crore in the year-ago period.
The company’s total revenue rose 8.5 per cent to Rs 24,570 crore in the quarter under review as against 22,629 crore earned in the year-ago period.
It has revised the FY21 revenue growth guidance upward to 2-3 per cent in constant currency.
The Bengaluru-based firm has also declared an interim dividend of Rs 12 per equity share and fixed October 26, 2020 as record date for interim dividend and November 11, 2020 as the payment date.
“On the demand side, we see good demand and a good pipeline thanks to some of the recent wins that we have had over the past few quarters…and on the margin side, we have had very strong discipline managing the business,” Infosys CEO and MD Salil Parekh said.
Infosys increased proficiency is backed by its large deals worth $3.15 billion in the quarter under review.
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