The shares of Information Technology major Infosys have been under the sell-off heat in early trade of Friday, 21 July and hit an intraday low of Rs 1,305, logging around a 10% dip within a few minutes of the opening bell.

The shares took a massive hit after the company reduced its revenue growth guidance to 1-3.5% in Q1FY24.

On Thursday, the second largest IT services company in India, Infosys, announced its financial results for the first quarter of FY24, reporting nearly 11% YoY growth in consolidated net profit to Rs 5,945 crore.

The company’s consolidated revenue for the quarter is Rs 37,933 crore, with a 10% increase from the year-ago period.

The company sharply cuts its current fiscal year revenue guidance to 1-3.5% from 4-7%, taking note of the uncertain global environment.

The IT Major retained its 20-22% operating margin guidance for the fiscal year.

Nilanjan Roy, CFO at Infosys, said, “Q1 operating margins were resilient in an uncertain macro environment on the back of our continued focus on cost optimisation. Company’s rigorous operational discipline, including improved productivity measures and higher utilisation, helped margins for the quarter,”.

Infosys bagged deals worth $2.3 billion for the quarter under review, higher than the $2.1 billion deals in the previous quarter.

At 10:30 am, shares of Infosys were trading at a low of 7.77% or Rs 1,336.90 a piece on NSE.