Infosys Q4 result 2023
The ADRs of IT major Infosys tumbled by more than 9% on the New York Stock Exchange after a rather disappointing Q4 financial results.
The American Depository Receipts (ADRs) of IT major Infosys tumbled by more than 9% on the New York Stock Exchange.
On Thursday following the release of
disappointing fourth-quarter financial results
and a below-average guidance for FY24.
Infosys US-listed shares sank as much as 9% at $15.53, their lowest since December 2020. While its India-listed stock closed down 2.7% ahead of the results.
Infosys reported lower-than-expected growth in the fourth quarter net profit. The company also gave a weak growth guidance of revenue at 4-7% for FY24.
The software services firm posted 7.8% growth year-on-year in net profit at Rs6,128 crore in the January-March quarter, but down 7% from the profit in the preceding quarter.
The FY23 revenue growth stood at 15.4% lower than the guidance. We saw unplanned project ramp-downs in some of our clients, and delays in decision making which resulted in lower volumes.
The company said its operating margin fell to 21.1% in the fourth quarter of fiscal year 2023, and is expected to stay between 20% and 22% in fiscal year 2024.
Infosys bagged large deals worth $2.1 billion in the March quarter, less than the $2.3 billion it won a year ago.