American Depository Receipt (ADR) for Infosys, India’s second-largest IT services company, fell 6 percent in pre-market today, October 23, after the company trimmed its annual revenue growth forecast despite marginally beating estimates for quarterly revenue after demand from its energy and utility clients picked up.
Infosys' ADR was quoting $12.40, down 6.20 percent in the pre-market trading, from the previous close $13.22.
In the quarterly earnings report released today, Infosys revised its revenue growth guidance for the fiscal year ending March 2027 to 1-2 percent in constant currency terms, compared with its earlier forecast of 1.5-3 percent. The company maintained its operating margin guidance.
Most analysts had expected the company to downgrade the upper-end of the range to 1.5 percent to 2.5 percent.
In the June quarter too, Infosys had narrowed its full-year revenue growth guidance to 1.5-3 percent from 1.5-3.5 percent, citing macroeconomic uncertainty and its assessment of demand for the remainder of the financial year.