Infosys Q1 Results: Here's what brokerages say about the stock post earnings
₹5,945 crore. The company had reported a profit of ₹5,360 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.9%.
The IT company's consolidated revenue from operations stood at ₹37,933 crores during the quarter ended June from ₹34,470 crore in Q1FY23. Sequentially, up 1.3% from ₹37,441 crore in Q4FY23. Infosys Q1 Results: Net profit rises 11% on year to ₹5,945 crore On Friday's session, Infosys shares slumped over 8%.
According to analysts, post results and especially after the guidance the stock prices have seen a huge gap down opening in today's session. As of now one should have a wait and watch approach for this counter where the next support is around 1250 that can be considered as buying zone on the flip side 1430 - 1450 the bearish gap will act as resistance. This has been an underperformer that may continue, traders are advised to focus on other counters from this space that has given spectacular moves recently post their results. Why Infosys shares nosedived 10% after Q1 results 2023 — explained Many brokerages reduced the stock's rating and future earnings per share (EPS) estimates in response to the IT major's Q1FY24 results and outlook.
According to the brokerage's analysis, Infosys' Q1FY24 revenue of $4,617 million was low compared to its/street's forecast of +0.8% constant currency (CC) QoQ. With a TCV of $2.3 billion, EBIT margin of 20.8% is also reasonable. However, the brokerage claims that the biggest surprise is the steep reduction in FY24 sales growth projection from 4-7% to 1-3.5%.
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