Infosys tumbles after company lowers FY17 sales growth forecast

Last Updated: Fri, Oct 14, 2016 18:19 hrs
Infosys

Infosys shares plunged by 2.34% after the company lowered its sales growth forecast for financial year 2016-17 to 7.5% - 8.5% in dollar terms.

The IT bellwether, which spurted to Rs 1080.70 after opening at Rs 1060, declined sharply to Rs 996.15 after results, before recovering to close at 1027.30, down 2.34% from its previous closing price.

Infosys Limited reported a net profit of Rs 3606 crore for the quarter ended September 2016, beating market expectations. That was up 4.95%, compared to the company's net profit of Rs 3436 crore in the quarter ended June 2016. In the July - September 2015 quarter, Infosys had posted consolidated net profit of Rs 3398 crore. Total income increased from Rs 16428 crore for the quarter ended September 30, 2015 to Rs 18070 crore for the quarter ended September 30, 2016.



On standalone basis, Infosys posted a net profit of Rs 3476 crore for the quarter ended September 30, 2016 as compared to Rs 3248 crore for the quarter ended September 30, 2015.

Meanwhile, Tata Consultancy Services, which rose to Rs 2384.40 early on in the session, has drifted down to Rs 2340, up just around 0.5% from its previous closing price.

TCS reported consolidated net profit of Rs 6603 crore for the quarter ended September 30, 2016 as compared to Rs 6093 crore for the quarter ended September 30, 2015. Total income increased from Rs 27848 crore for the quarter ended September 30, 2015 to Rs 30341 crore for the quarter ended September 30, 2016.

More from Sify: