India's Infosys cuts annual growth forecast despite AI gains
Indian IT giant Infosys cut its annual revenue growth forecast on Friday despite beating quarterly revenue estimates on the back of strong demand for its artificial intelligence services.Infosys is In...
Indian IT company Infosys has lowered its annual revenue growth forecast for the fiscal year ending March 2027 to 1-2%, despite reporting strong AI service revenue growth. The Bengaluru-based firm, India's second-largest software services exporter, posted a 10.7% year-on-year revenue growth of Rs492.44bn ($5.19bn) for the July-September quarter, slightly above analysts' projections of Rs491.32bn.
Net profit rose 6.2% to Rs78.23bn in the same period. While Salil Parekh, the company's CEO, attributed the growth to its differentiated market positioning and client confidence, the firm cut its revenue growth forecast from the previous estimate of 1.5-3%. The $315bn Indian IT industry has faced muted client spending on big technology projects as AI tools from firms like Anthropic and OpenAI introduce new ways of handling labor-intensive work previously outsourced.
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