The stock hit an intra-day high of Rs 944, bouncing back 3% from its early morning low of Rs 915 on the BSE. A combined 3.63 million shares changed hands on the counter on the BSE and NSE so far.
Infosys said second-quarter profit grew 7% to Rs 3,726 crore on quarter-on-quarter (QoQ) basis, beating average analysts estimates of Rs 3,491 crore in Q2FY18. Revenue grew 2.9% to Rs 17,567 crore on sequential basis.
Infosys however, cut its growth forecast for the year ahead by 200 basis points, much steeper than estimates, citing a weak second half of the financial year.
Analyst at Antique Stock Broking recommends buying on the stock in any correction driven by guidance cut.
“Infosys 2QFY18 performance was broadly in-line but the cut in FY18 guidance was higher than expected. The constant currency (CC) revenue growth of 2.2% QoQ is in-line with our estimates but below consensus expectations of 2.7%. Earnings before interest and tax (EBIT) margins at 24.2% were 80bps ahead of consensus estimates,” the brokerage firm said in Q2FY18 result preview..
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