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Nine Months After Warning of ‘Bumps’
by
Ashutosh Joshi
Santanu Chakraborty
t SantanuChakra
June 9, 2016 — 6:16 AM CDT
Infosys Ltd., Asia’s second-largest exporter of software services by market
value, plunged the most in nine months after Chief Operating Officer U.B.
Pravin Rao said spending by clients remains volatile and may hit profit
margin in the short term.
The Bengaluru, India-based company’s shares fell 4.3 percent to 1,185.50
rupees in Mumbai on Thursday, the biggest drop since Aug. 24. The company
expects “short-term, or quarterly bumps,” Rao said at a conference
organized by Citigroup Inc. “But for the year we remain confident.”
Global spending on information technology has stalled, with Gartner Inc. in
April cutting its forecast for this year to $3.49 trillion, which is 0.5
percent below 2015. Infosys in April estimated sales to expand between 11.8
percent to 13.8 percent in dollar terms for the year ending March 31,
beating analyst estimates. While announcing its earnings, the company touted
several major contract wins in the quarter, including a deal with food
packaging company ConAgra Foods Inc.
“Infosys warning signals a weak margin outlook,” Sanjiv Bhasin, executive
vice president at India Infoline Ltd., said by phone. “Any negative news
flow will hurt the stock as it is over-owned by foreigners and is richly
valued. Investors now will have to put aside the earlier aggressive guidance
and do a reality check.”
The stock has risen 7.3 percent this year and is trading at 17.4 times its
12-month forward earnings, higher than the five-year average of 16.5.
Overseas investors own a majority of Infosys shares.
The company in April said fourth-quarter net income rose 16 percent to 36
billion rupees ($539 million) in the three months ended March. That compares
with the 35.2 billion rupee average of estimates compiled by Bloomberg.
Sales in the quarter climbed 23 percent to 165.5 billion rupees compared
with analyst projections for 164.8 billion rupees.
by
Ashutosh Joshi
Santanu Chakraborty
t SantanuChakra
June 9, 2016 — 6:16 AM CDT
Infosys Ltd., Asia’s second-largest exporter of software services by market
value, plunged the most in nine months after Chief Operating Officer U.B.
Pravin Rao said spending by clients remains volatile and may hit profit
margin in the short term.
The Bengaluru, India-based company’s shares fell 4.3 percent to 1,185.50
rupees in Mumbai on Thursday, the biggest drop since Aug. 24. The company
expects “short-term, or quarterly bumps,” Rao said at a conference
organized by Citigroup Inc. “But for the year we remain confident.”
Global spending on information technology has stalled, with Gartner Inc. in
April cutting its forecast for this year to $3.49 trillion, which is 0.5
percent below 2015. Infosys in April estimated sales to expand between 11.8
percent to 13.8 percent in dollar terms for the year ending March 31,
beating analyst estimates. While announcing its earnings, the company touted
several major contract wins in the quarter, including a deal with food
packaging company ConAgra Foods Inc.
“Infosys warning signals a weak margin outlook,” Sanjiv Bhasin, executive
vice president at India Infoline Ltd., said by phone. “Any negative news
flow will hurt the stock as it is over-owned by foreigners and is richly
valued. Investors now will have to put aside the earlier aggressive guidance
and do a reality check.”
The stock has risen 7.3 percent this year and is trading at 17.4 times its
12-month forward earnings, higher than the five-year average of 16.5.
Overseas investors own a majority of Infosys shares.
The company in April said fourth-quarter net income rose 16 percent to 36
billion rupees ($539 million) in the three months ended March. That compares
with the 35.2 billion rupee average of estimates compiled by Bloomberg.
Sales in the quarter climbed 23 percent to 165.5 billion rupees compared
with analyst projections for 164.8 billion rupees.