Infosys’ share price was crashing on Friday morning as investors seemed disappointed by the company’s Q2 results.

What Happened: On Thursday, Infosys announced a 3% year-on-year increase in its consolidated net profit for the quarter ended September, reaching ₹6,212 crore. The company’s revenue from operations amounted to ₹38,994 crore, surpassing the street’s projection of around ₹38,300 crore.

The IT behemoth’s EBIT came in at ₹8,274 crore, exceeding the estimated figure of ₹8,000 crore. The EBIT margin for the quarter was 21.2%, which was 20 basis points higher than the anticipated 21%.

The IT major also announced a ₹18 per share dividend, the record date for which is set for October 25. However, even as the company’s numbers beat street estimates, the guidance cut has dampened the sentiments around the stock.

See Also: TCS Shares Dip After Earnings Fail To Impress Investors, Analysts

The company has revised its revenue growth expectations for the financial year 2024. The company now anticipates growth to fall within the range of 1% to 2.5%, which is narrower than the initial guidance of 1-3.5% it provided during the June quarter. It had cut guidance in the June quarter as well.

Analysts Reactions: Analysts had a mixed reaction to the company’s results. BofA maintained its “neutral” rating on the stock, hiking the price target to ₹1,425 from ₹1,390. JP Morgan also has a “neutral” rating on the stock with a target price of ₹1,400. Nomura also remained “neutral” on the IT giant with a target price of ₹1,400.

On the other hand, Jefferies maintained its “buy” call on the stock raising the price target to ₹1,650 from ₹1,550. The research firm said that strong deal wins provide strong revenue growth visibility for FY25. Goldman Sachs also maintained the “buy” rating for Infosys with a target price of ₹1,620. Morgan Stanley has an “overweight” rating on the stock with a price target of ₹1,600.

Price Action: Infosys’ share price was down 2.21% to trade at ₹1,433.05 at market open on Friday.

Read Next: Groww Dethrones Zerodha As India’s Largest Brokerage