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Wednesday, January 27, 2021

Infosys shares decline 5% after earnings

Infosys share price: The stock plunged 5 per cent to Rs 1,318.05 on BSE. On NSE, it declined 4.95 per cent to Rs 1,318.45.

By: PTI | New Delhi | January 14, 2021 1:44:55 pm
infosys, infosys news, infosys q3The Infosys Ltd. logo is displayed atop a building at the company's campus in Electronics City in Bangalore, India, on Monday, Jan. 27, 2013. (Photographer: Vivek Prakash/Bloomberg)

Shares of Infosys on Thursday early trade dropped 5 per cent even after the company posted a 16.6 per cent rise in consolidated net profit for the December 2020 quarter, and increased its revenue growth guidance for FY21.

The stock plunged 5 per cent to Rs 1,318.05 on BSE.

On NSE, it declined 4.95 per cent to Rs 1,318.45.

Infosys on Wednesday posted a 16.6 per cent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter, and increased its revenue growth guidance for FY21 to 4.5-5 per cent on the back of large project wins and strong deal pipeline.

The Bengaluru-based company, whose large deal total contract value rose to an all-time high of USD 7.13 billion in the quarter under review, had registered a net profit (after minority interest) of Rs 4,457 crore in the year-ago period.

Infosys’ revenue grew 12.3 per cent to Rs 25,927 crore in the quarter ended December 2020 from Rs 23,092 crore in the year-ago period.

Buoyed by the strong performance, Infosys increased its FY21 revenue growth forecast to 4.5-5 per cent in constant currency terms from its previous guidance of 2-3 per cent growth.

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