1. Infosys sees client-specific issues after Brexit; shares trade lower

Infosys sees client-specific issues after Brexit; shares trade lower

Infosys shares were trading marginally in red on Friday after the IT major in an analyst meet said it is seeing some 'softness' in clients after Britain voted in June to leave the European Union.

By: | Updated: August 26, 2016 5:49 PM
Infosys share price Infosys shares were trading marginally in red on Friday after the IT major in an analyst meet said it is seeing some ‘softness’ in clients after Britain voted in June to leave the European Union. (Reuters)

Infosys shares were trading marginally in red on Friday after the IT major in an analyst meet said it is seeing some ‘softness’ in clients after Britain voted in June to leave the European Union. At 11.55 am, shares of Infosys were trading 0.18 per cent down at Rs 1034.65. The scrip opened the day at Rs 1037 and has touched a high and low of Rs 1046 and Rs 1032, respectively, in trade so far. Later, the IT major’s scrip ended 1.52 per cent down at Rs 1020.75.

For the quarter ended June 30, 2016, Infosys reported a consolidated net profit of Rs 3436 crore, down 4.48 per cent, against Rs 3597 crore in the sequential quarter ended March 31, 2016. However, consolidated net sales of the company increased by 1.40 per cent quarter-on-quarter to Rs 16,782 crore. On a standalone basis, bottomline figures of the company dipped by 6.44 per cent on quarter-on-quarter basis to Rs 3180 crore.

Chief financial officer Ranganath D Mavinakere, said, “Infosys will be in a better position by October to evaluate the impact of this on its earnings outlook for the current fiscal year ending March 31, 2017. We want to give a more accurate picture on guidance after we execute Q2.” He further added that the growth in the second quarter would be better than the previous three months.

In the past one year, shares of Infosys slipped by 4.60 per cent to Rs 1036.55 till August 25, whereas BSE Sensex gained 6.93 per cent during the same period.

(With agency inputs)

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