Infosys slips over 4% after marginal rise in Q2 net profit, revised FY24 revenue guidance

Shares of IT major Infosys Ltd slumped over 4 per cent on Friday to hit 6-week low after the company posted a marginal rise in its Q2 net profit, and also revised its FY24 revenue guidance.

Infosys Ltd's stock price touched an intraday low of Rs 1402.10 on BSE, down 4.2 per cent from its previous close. (File image)

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Shares of IT major Infosys Ltd slumped over 4 per cent on Friday to hit 6-week low after the company posted a marginal rise in its Q2 net profit, and also revised its FY24 revenue guidance.

Infosys Ltd’s stock price touched an intraday low of Rs 1402.10 on BSE, down 4.2 per cent from its previous close.

At the time of writing, Infosys shares were trading 33.45 points, or 2.28 per cent lower at Rs 1431.10.

Infosys’ net profit in the July-September quarter jumped 3.2 per cent to Rs 6,212 crore, from Rs 6,021 crore in the same quarter a year ago. On a quarter-on-quarter (QoQ) basis, Infosys’ net profit jumped 4.5 per cent from Rs 5,945 crore.

The company revised its FY24 revenue guidance to 1-2.5 per cent from 1-3.5 per cent, while it retained its operating margin guidance at 20-22 per cent.

Infosys’ revenue from operations in the second quarter jumped 7.5 per cent year-on-year (YoY) to Rs 11,963 crore, from Rs 11,126 crore. The IT giant’s revenue jumped 2.8 per cent QoQ from Rs 37,933 crore in the April-June period.

The Bengaluru-headquartered IT major declared an interim dividend of Rs 18 per equity share. It fixed October 25, 2023, as the record date for the interim dividend and November 6, 2023, as the payout date.