Infosys Limited (NYSE: INFY) reported Q1 EPS of $0.22, $0.01 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.55 billion.

For the fiscal year ending March 31, 2017, the company now sees revenues up 10.5%-12.0% in constant currency.

"We had unanticipated headwinds in discretionary spending in consulting services and package implementations as well as slower project ramp-ups in large deals that we had won in earlier quarters, resulting in a lower than expected growth in Q1," said Dr. Vishal Sikka, CEO. "Despite this, I am very encouraged by our progress in the execution of our strategy. We launched Infosys MANA, our AI based approach to helping clients continuously renovate their business processes and have already delivered on first client successes. We continued to see strong momentum in large deal wins in which we are bringing the best of our Renew-New strategy to every deal; and we continued to see growth in our delivery services due to their renewal on the basis of Zero Distance, Design Thinking and automation. Going forward, we will continue our strong focus on our long-term goals and vision of transforming Infosys where open, intelligent technology amplifies people and frees them to innovate in a culture of learning and collaboration, while bringing operational excellence and cost discipline to every aspect of our business."

"Our client additions and top client growth was strong during the quarter. Automation continues to be a core lever in the renewal of our traditional service offerings." said U B Pravin Rao, COO. "We are making impactful internal process changes through our simplification initiatives with a focus on better employee experience and improved productivity.", he added.

"Our focus on optimizing cost efficiency levers helped us during the quarter and our cash generation was strong" said M.D. Ranganath, CFO. "We navigated a volatile currency environment effectively."

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