Infosys stops giving quarterly growth estimate for now

Infosys, the country’s bellwether software services provider, said it has stopped giving quarterly projections for revenue and net profit growth and will give guidance only for full year now.

The company attributed the decision to unstable global situation, which has not offering any clarity on clients.

Chief Operating Officer V Balakrishnan said on CNBC TV18 that the company will reverse the decision once stability returns to the economic situation.

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The guidance the company has given has taken into account the rupee at 55 against the dollar. The company, however, is maintaining its guidance on employee addition of 35,000.

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Balakrishnan said given the economic situation, the company has done “decently well”.

Earlier, the company brought down its dollar revenue guidance to $7.34 billion, an estimated 5 percent growth against an earlier estimate of 8-10 percent. Net profit is seen growing just 1 percent.