BENGALURU (Reuters) -Infosys on Thursday trimmed the upper-end of its annual revenue growth forecast after reporting quarterly profit slightly below estimates, hurt by an uncertain demand environment.
The Bengaluru-based company forecast full-year revenue growth at 1%-2.5% on a constant currency basis, compared to its prior view of 1%-3.5%.
Consolidated net profit at country’s second-largest IT services firm by revenue climbed to 62.12 billion rupees ($746.46 million) in the quarter ended Sept. 30, from 60.21 billion rupees a year ago.
Analysts had expected a profit of 62.95 billion rupees, as per LSEG IBES data.
India’s IT services companies have kicked off the earnings season on a bleak note, with market leader Tata Consultancy Services on Wednesday warning that client spending was still weak amid global economic uncertainties.
Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates higher.
Last month, leading global IT services provider Accenture forecast full-year earnings and first-quarter revenue below Wall Street targets.
(Reporting by Sethuraman NR and Indranil Sarkar in Bengaluru; Editing by Nivedita Bhattacharjee)
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