India`s Infosys Q3 profit misses view, tightens FY rev forecast on weak demand
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Infosys, India's No.2 IT services provider, missed quarterly profit estimates on Thursday and tightened its full-year revenue forecast on weak demand from clients amid global economic uncertainty. Consolidated net profit fell 7.3% to 61.06 billion rupees ($735.55 million) in the seasonally weak third quarter from a year earlier.
Analysts, on average, expected a profit of 61.67 billion rupees, as per LSEG data.
Infosys revised its revenue growth forecast for a third consecutive quarter to 1.5%-2% on a constant currency basis for the full year from 1%-2.5% previously.
Revenue in the third quarter edged up to 388.21 billion rupees from 383.18 billion in the year-ago period, topping analysts' average estimate of 387.13 billion rupees, as per LSEG data.
The $245-billion IT sector, which had gained immensely from a pandemic-induced digital services boom, has been struggling in recent quarters as clients cut spending on non-essential projects amid inflationary pressures and recession fears.
($1 = 83.0130 Indian rupees)
