Infosys shares close nearly 3% lower
Shares of Infosys on Thursday closed nearly 3 per cent lower on profit-booking after its March 2021 quarter earnings missed market expectations.
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New Delhi: Shares of Infosys on Thursday closed nearly 3 per cent lower on profit-booking after its March 2021 quarter earnings missed market expectations.
The stock dipped 5.59 per cent to Rs 1,320.35 during the day on the BSE. It closed at Rs 1,361.50, lower by 2.65 per cent. On the NSE, it declined 2.60 per cent to close at Rs 1,360.75. Its market valuation went lower by Rs 15,807.03 crore to Rs 5,80,088.97 crore on the BSE.
In traded volume terms, 13.27 lakh shares were traded at the BSE and over 2.53 crore shares at the NSE during the day.
"Infosys reported a muted set of the fourth quarter of FY21 numbers. FY22 revenue growth (12-14 per cent) and margin (22-24 per cent) guidance were lower than our expectations of 13-15 per cent revenue growth and 23-24 per cent margin," according to a report by Edelweiss Securities. IT services major Infosys on Wednesday posted a 17.5 per cent rise in net profit to Rs 5,076 crore for the March quarter and announced up to Rs 9,200 crore buyback offer at a maximum price of Rs 1,750 per share. The Bengaluru-based company's net profit (after minority interest) was Rs 4,321 crore in the January-March 2020 quarter. Its revenue grew 13.1 per cent to Rs 26,311 crore in the March 2021 quarter from Rs 23,267 crore in the year-ago period, Infosys said in a regulatory filing.
The company's financial year 2021 net profit was up 16.6 per cent at Rs 19,351 crore, while revenue rose by 10.7 per cent to Rs 1,00,472 crore compared to the previous fiscal. Infosys expects the financial year 2022 revenue to grow 12-14 per cent in constant currency. The board has recommended a capital return of Rs 15,600 crore, including a final dividend of Rs 6,400 crore and open market buyback of shares of Rs 9,200 crore, it said.
