IT services giant Infosys Ltd. (NYSE: INFY) reported yesterday revenue rose 2.5% year over year in constant currency in its fiscal second quarter ended 30 September, meeting analysts’ estimate. However, the IT services giant pulled back on revenue forecast for the full fiscal year.

The company now forecasts revenue growth of between 1.0% and 2.5% in constant currency for the 2024 fiscal year. Previously, the company forecast revenue growth of between 1.0% and 3.5% in constant currency.

Gross margin and net profit both improved.

Infosys also reported the number of employees fell by 16,454 to 328,764 in the second quarter from 345,218 in the second quarter of last year.

The company also appointed Nitin Paranjpe as an independent director effective 1 January. Paranjpe is currently non-executive chairman of Hindustan Unilever Ltd. as well as that company’s chief people and chief transformation officer.

The group also reported revenue of USD 9.33 billion for the H1 period, up 3.7% over the year.

Infosys shares closed yesterday at INR 1,465 (USD 17.59), down 1.93% on the day. The company has a market cap of INR 5.93 trillion (USD 71.20 billion).