A piece of bad news has come for the investors of the IT company Infosys. Shares fell nearly 15 percent in morning trade on Monday, leaving the company with a loss of Rs 73,060 crore. The company also announced its third-quarter results last week, in which the company got an annual increase of 7.8 percent in its net profit. However, its effect was also not seen in the shares of the company.
Infosys shares
Looking at Infosys shares, the stock fell 12.21 percent to Rs 1,219 on BSE, which is its 52-week record low. At the same time, it fell 14.67 percent to Rs 1,185.30 on the NSE. The market capitalization of the company also declined by Rs 73,060.65 crore to Rs 5,08,219.35 crore.
Q4 results disappointed
Last week itself, the company presented its fourth quarter results. Infosys reported a net profit of Rs 6,128 crore in the fourth quarter of FY2023, a year-on-year growth of over 7 percent this year. At the same time, an annual increase of 16 percent was registered in the company's revenue. However, Infosys delivered worse-than-expected results with only 4 to 7 percent revenue growth for FY24.
India's second-largest software firm reported a 7.8 percent year-on-year rise in net profit for the March quarter at Rs 6,128 crore.
Decrease in revenue in constant currency
Revenue growth in constant currency for FY23 came in at 15.4 percent, lower than expected. After announcing Q3 earnings in January this year, it raised the revenue guidance to 16 to 16.5 percent from the earlier estimated band of 15 to 16 percent. Thus there was a decline of 3.2 percent in constant currency.
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