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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