Infosys beaten down
The top loser on the BSE currently is Infosys, which is now down almost 17% at Rs.2426 and had gone down to an intra day low of Rs.2340. Volumes are huge on the counter at over 5 lakh shares.
The stock has been beaten down to pulp post its Q4 numbers. The market has been disappointed with the Q4FY13 numbers, especially the sequential performance wherein net profit grew by a mere 1% at Rs.2394 crore and revenue was up just 0.3% at Rs.10,455 crore. The company’s EBIDTA infact fell 8% (QoQ) and 7% (YoY) but net profit was boosted thanks to the 34% (QoQ) rise in other income and tax outgo was down 9%.
Further disappointment was due to the muted guidance for FY14 where revenue growth is expected at 6-10% much lower than what most analysts had expected and more importantly, lower than the 10-12% growth estimated by the IT industry body NASSCOM. The company has given no EPS guidance.
During the quarter, the company added 56 clients, hired 1059 new employees, taking the total tally to 1,56,688 employees as at 31st March 2013.