Infosys Q1 net profit up 13% but misses estimates; shares slide

Infosys An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore | Reuters

India's second-largest IT services company Infosys Ltd said on Friday its first-quarter net profit grew 13 per cent on new client wins but came in marginally below analysts' estimates, sending Bombay-listed shares sharply lower.

Consolidated net profit for the three months ended June 30 grew to 34.36 billion Indian rupees ($513 million) from 30.3 billion rupees a year earlier, the company said. Analysts on average had expected a net profit of 34.42 billion rupees, according to data compiled by Thomson Reuters.

At 0455 GMT, Infosys shares in Bombay were trading 8 per cent lower.

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Topics : #Infosys | #business

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