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Infosys Jumps After Raising Forecast for Annual Revenue

By Dhirendra Tripathi

Investing.com – Infosys ADRs (NYSE:INFY) rose 5% on Wednesday after the company raised its annual revenue guidance following a strong third quarter.

India’s second-largest software services firm said it expects revenue growth of 19.5% to 20% for the financial year to March, compared with the 16.5% to 17.5% growth predicted earlier. It retained the operating margin forecast of 23% at midpoint of its guidance range. Third-quarter operating margin was 23.5%.

Large deals won by the company during October-December came in at $2.53 billion, a near 18% rise from the second quarter, the company said. The company increased its active client base by 24 to close December with 1,738 clients.

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Infosys’s consolidated net profit climbed past 58 billion rupees ($786 million) in the third quarter, just slightly falling short of average estimates.

Revenue rose to almost 319 billion rupees, with the banking, financial services and insurance unit posting a near 17% growth. The BFSI segment contributes around 32% to the company's topline.

The company's life sciences segment grew the most, at over 13%. Manufacturing segment grew by around 12%, led by the company’s hybrid cloud partnership deal with Daimler (OTC:DDAIF).

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