Infosys Stock Falls 5% On Weak Q2 Earnings
The Indian IT major's July-September revenue grows at 4.2 per cent QoQ to Rs 40,986 crore
The share price of Infosys slumped nearly 5 per cent in the Friday trading session after the IT major declared its Q2 FY25 net profit with 2.2 per cent quarter-on-quarter (QoQ) growth to Rs 6,506 crore from Rs 6,368 crore.
Infosys stock traded as one of the top laggards in the ten stocks Nifty IT index. The stock slipped to Rs 1,873 with 4.83 per cent loss in the morning session on the National Stock Exchange (NSE).
The Indian IT major's July-September revenue grew at 4.2 per cent QoQ to Rs 40,986 crore.
Infosys raised its full-term revenue growth guidance to 3.75 to 4.5 per cent, which is up from 3 to 4 per cent issued in July.
The company also declared an interim dividend of Rs 21 per share, with 29 October as the record date and 08 November as the payout date.
In FY24, the company had given a final dividend of Rs 20 per share in addition to a special dividend of Rs 8, and an interim dividend of Rs 18.
Salil Parekh, CEO and MD of Infosys said the company had shown strong growth of 3.1 per cent quarter-on-quarter.
"The growth was broad-based with good momentum in financial services. This stems from our strength in industry expertise, market-leading capabilities in cloud with Cobalt and generative AI with Topaz, resulting in growing client preference to partner with us," said Parekh.
He further added the company's large deals at USD 2.4 billion in the second quarter reflect its strength and leadership position.
In terms of stock performance, the Infosys stock delivered 21.5 per cent returns year-to-date compared to 18 per cent return of Nifty IT index. (ANI)
