Infosys Sales and Stock Suffer as Revenue Growth Hits Six-Year Low.
Infosys, India's second-largest software services firm, has forecasted sales growth of between 4% and 7% for the fiscal year ending March 2024, which is lower than the average analyst estimate of 10.6%. The company's CEO, Salil Parekh, cited unplanned project rampdowns and delays in decision-making as reasons for the lower volumes. The demand for Indian software services has declined from its peak due to the reopening of economies and the return of workers to offices. Infosys' larger rival, Tata Consultancy Services, also missed analysts' estimates due to some clients deferring discretionary projects.