Software services major Infosys narrowed its revenue guidance for this fiscal year, its third consecutive revision so far, indicating that CEO Vishal Sikka’s strategy to transform the company into an industry-leading performer is only working in parts and yet to find larger resonance with clients.

For the financial year ended March 2017, Infosys revised its revenue guidance to 8.4-8.8 per cent from 8-9 per cent in constant currency terms, lower than industry body Nasscom’s top-end projected growth of 8-10 per cent for the sector.

Infosys’ Q3 net profit came in at ₹3,708 crore, which was a 7 per cent increase on a year-on-year basis. Revenue grew 8.6 per cent to ₹17,273 crore, largely driven by healthy deal wins as well as the BFSI vertical’s improved performance.

“Taking into account seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations,” said Sikka, adding that for the calendar year 2016, revenue crossed $10 billion. This, he said, was a huge emotional and psychological milestone.

Sikka had earlier said that he expects Infosys to hit the $20 billion mark by 2020 and this was an aspirational target.

Following the downward revision in guidance, Infosys shares closed at ₹975, down 2.49 per cent, on the exchanges.

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