In an email to clients, Barclays said the Infosys management highlighted improving customer optimism but added that Shibulal had also highlighted the challenges faced by the company in retail and Hi-Tech vertical.

“We believe that if the challenges outplay positives, the company is likely to gravitate towards lower end of FY14 guidance, implying muted Q4FY14," Barclays said in its email.
Infosys, India's second largest software services exporter, in January raised revenue growth guidance for the 2013/14 financial year to between 11.5 and 12 percent from a previously forecast 9-10 percent, citing higher demand for its services.

Infosys shares were down 7.4 percent at 0351 GMT. Infosys had cautioned earlier that revenue growth during this financial year may come at the lower end of its guidance because of some rather tight spending by some of its clients.


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