Its revenue was up 28.47 per cent to Rs 9,616 crore in the first quarter of current fiscal, but in dollar terms the growth was just 4.8 per cent at USD 1,752 million.
While the company exceeded its revenues forecast in rupee terms, it failed to meet dollar revenue guidance of USD 1,771-1,789 million for the quarter.
The company's net profit had stood at Rs 1,722 crore in the April-June quarter of 2011-12.
The street did anticipate Infosys to revise its FY'13 revenue outlook downwards, but the sharp reduction to five per cent as against growth estimates of 8-10 per cent sent the scrip tumbling 8.27 per cent to Rs 2,262 at the BSE in late afternoon trade.
The company attributed the revision to cross currency fluctuation and current business environment. The outlook is much weaker than industry body Nasscom's estimate of 11-14 per cent growth for the sector in FY'13.
"We lost USD 13 million because of currency and we also took a one time write-off (of USD 15 million) in accrued revenue as a matter of prudence on a large transformational programme which got cancelled this quarter in Europe. This is a one time event and the client is still with us," Infosys MD and CEO S D Shibulal added.
Infosys said for now it is suspending the practice of giving guidance citing "lack of clarity" in the demand environment.
Often considered a bellwether, especially for its practice of providing revenue guidance, Infosys has been struggling to meet its own forecast in the last few quarters. (MORE)
