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Infosys reported revenue of Rs 23,267 cr, up by 0.8% QoQ. Its operating margin narrowed by 7Obps to 21.2% for the quarter. Its net profit was down by 3% at Rs 4,321 cr which was impacted by lower other income and decline in tax benefit as compared to the previous quarter. Further, revenue growth for full year in constant currency stood at 9.8% and 8.3% in dollar terms. This means Infosys missed its revenue growth guidance (of 10-10.5%) in constant currency due to lockdown in major parts of the world. Considering the business uncertainty, the management stated that there would be challenges in the near term and they will not provide future growth guidance until there is some improvement in the economy.
Infosys results were below street expectations. However, the stock price too has corrected in the recent time and factors in the business headwinds to a certain extent. Hence, existing investors may continue to hold the stock and fresh investors can accumulate Infosys in a staggered manner for long term.
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