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Moreover, the IT services company today revised its revenue guidance upwards to 4.5%-5% for the current fiscal year.
Around 9:10 pm India time, Infosys ADR price was around $21.51, down by $1.38 or 6% from the Wednesday closing price.
Infosys shares had ended in the red on BSE as well, falling by Rs 23.60 or 1.21% to close at Rs 1926.20.
India’s second largest IT services exporter today reported an 11% YoY growth in its consolidated net profit at Rs 6,806 crore which was up from Rs ETNOW poll of Rs 6,625 crore. The company’s revenue from operations increased by 8% to Rs 41,764 crore versus Street’s estimates of Rs 41,250 crore.
The US markets were trading lower today with Dow 30, falling by 119.70 points or 0.28% at 43,101.90 around this time. The S&P 500 was trading at 5,940.55, down by 0.16% while the Nasdaq Composite was 0.34% lower and hovering around 19,445.20.Also Read: LTIMindtree Q3 Results: Cons PAT falls 7% YoY to Rs 1,085 crore, revenue rises 7%Earlier today, the Bengaluru-based company reported a strong constant currency revenue growth of 6.1% YoY, while the same was up 1.7% quarter-on-quarter.
Operating profit during the third quarter increased 12% YoY to Rs 8,912 crore, while operating margins expanded 80 basis points to 21.3%. Infosys also sees operating margins to be around 20-22% in FY25.
The company has clocked a large deal TCV (total contract value) of $2.5 billion during the December quarter, which was up marginally from $2.4 billion in the preceding September quarter.
Commenting on Infosys’ results, Shaji Nair, Research Analyst, Capital Market Strategy at Mirae Asset Sharekhan revenue growth was healthy in a seasonally weak quarter, beating brokerage’s estimates of 0.7% QoQ in CC.
“Infosys has reported healthy Q3FY25 despite Q3 seasonality and raised the guidance for FY25 on the back of improving discretionary spends in Financial services and Retail along with strong headcount additions . We believe the company remains well positioned to capture cost optimization and transformation opportunities given its strong domain knowledge and market leading capabilities in cloud with Cobalt and generative AI with Topaz,” Nair said.
Management is seeing improvement in discretionary spend in the financial services vertical in Europe and Retail & Consumer in the US which augurs well for the company, this analyst said, as he highlighted a marginal beat in EBIT margin at 21.3% versus estimates of 21.1%.
Also Read: Axis Bank Q3 Results: PAT jumps 4% YoY to Rs 6,304 crore, misses estimates
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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