IT stocks lead the bunch the losers on the markets today morning and the leader of the pack is Infosys. The stock opened 8% lower at Rs.1608 and went down to an intraday low at Rs.1592.05, down 9%.
The BSE IT index is down 4.5% currently and 60 out of the 62 stocks tracked in this are down in the red.
The market is very disappointed with the company’s Q4FY22 performance, especially on the EBIT margin front. It came in much lower at 21.5% v/s 23.5% (QoQ).
That apart, there is also disappointment on the future estimate front – the company guided a revenue growth in constant currency at 13-15% and EBIT margin at 21-23%, lower than expectations of 22-24%.
For Q4, the company reported a 1.3% (QoQ) rise in revenue at Rs.32,276 crore while net profit fell 2% to Rs.5686 crore.