RESULTS IMPACT
Infosys tanks 20 per cent on lower FY14 revenue guidance.
Q4 net up 3% YoY.
Infosys ' fourth quarter net profit rose slightly higher-than-expected 3 percent year-on-year (1 percent quarter-on-quarter) to Rs 2,394 crore, helped by higher other income and lower income tax expenses.
However, its revenue growth of Rs 10,454 crore, up 18 percent YoY (0.3 percent sequentially), was lower than what the street had forecast, sending its shares tumbling over 15 percent in opening trades.
Analysts on average had expected India's second largest software services exporter to report a net profit of Rs 2,297 crore, on revenue of Rs 10,730 crore, according to a CNBC-TV18 poll.
Infosys has guided for a full year revenue growth of 6-10 percent in FY14, which is also much lower than the 12-14 percent growth industry body NASSCOM has forecast. It has not provided earnings per share guidance for the full year.
Source: Economic times and Money control.
Results impact:
Infy opened 12.51% down than yesterday's close, creating a huge gap as it usually does on the event of its results.
We will post a report on Infy's result impact on charts later in the evening today.
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