Infosys Ltd. shares fell sharply Monday morning after the Indian information-technology services provider’s fourth-quarter net profit fell 7.0% from the previous quarter.
The shares were recently 11% lower at 1,239.75 rupees after declining as much as 12% earlier.
Infosys said after Thursday’s market close that net profit dropped to INR61.28 billion ($748.7 million) for the quarter ended March from INR65.86 billion the previous quarter, as revenue declined 2.3% to INR374.41 billion.
Indian markets were closed Friday for a national holiday.
Revenue from the financial-services sector, by far the biggest segment, dropped 3.7% from the previous quarter to INR108.18 billion.
Fourth-quarter net profit rose 7.8% and revenue increased 16% from a year earlier.
For the year that began in April, Infosys projected revenue to grow 4%-7% in constant-currency terms and operating profit margin of 20%-22%.
Jefferies analysts Akshat Agarwal and Ankur Pant said in a research note that the guidance on both revenue and margin suggests a weak demand outlook, and that they lowered their earnings forecasts for Infosys in the coming fiscal years.