Infosys shares hit record high on strong Q1 earnings. What experts say

Infosys shares today rallied near 7% to a new high of Infosys shares hit record high on strong Q1 earnings. What experts sayover 4% after the IT company started FY20 on a strong note with constant currency revenue growth of 12.4% YoY. The Bengaluru-based IT company also raised its revenue forecast for the year on upbeat demand for digital services. Infosys, lifted the revenue forecast for the fiscal year ending March 2020 to between 8.5% and 10% on constant currency basis as its first quarter net profit beat analysts’ estimates. This compares with its previous guidance of between 7.5% to 9.5%.

Infosys also reported record deal wins of $2.7 billion in the quarter. Infosys posted a net profit of ₹3,802 crore, ahead of analyst expectations of ₹3,612 crore. Infosys maintained its operating margin guidance for 2019-2020 in the range of 21% to 23%.