Infosys unveiled Q1FY24 financial results, showing an impressive 11% YoY jump in net profit to Rs5,945 crore.

By Dipak Jaiswal

21 July 2023

Investor concerns were triggered by Infosys' decision to slash its revenue growth projection for FY24 from 4-7% to just 1-3.5%.

As trading started, Infosys stock immediately suffered a significant hit, declining by 10% within minutes of the market open.

Both Indian and US stock markets reacted swiftly to the reduced revenue guidance, with Infosys ADR shares dropping 8.41% on the NYSE.

Market experts, including Anuj Gupta from IIFL Securities, expressed bearish sentiments, highlighting global investor dissatisfaction.

Gupta advised Infosys shareholders to exit on any upward movement in its shares and consider reentering at a more favorable price range.

Sumeet Bagadia from Choice Broking warned of further weakness for Infosys shares, citing a breach of immediate support at Rs1,350 levels.

Facing challenging demand conditions, Infosys must make strategic decisions to rebuild investor trust and meet its revised revenue projections.