For the second year running, Infosys Technologies missed its annual revenue guidance. This, and the muted guidance for 2013-14, sent not only its own shares plunging by 20 per cent but also created waves in Europe. The shares of the France-based Capgemini fell by 3.5 per cent, while German peers SAP and Software AG also took a hit.

The country’s second-largest IT services exporter announced on Friday that its revenue growth forecast for 2013-14 would be 6-10 per cent. This “safe guidance” is significantly lower than the industry average of between 12 and 14 per cent projected by Nasscom. Despite enjoying an encouraging third quarter, Infosys missed its full-year revenue guidance by 0.97 per cent in rupee terms and 0.6 per cent in dollar terms. It registered a net profit of Rs.2, 394 crore, up by 3.4 per cent over the previous year. Infosys reported revenues of Rs.40,352 crore for 2012-13, up by 19.6 per cent, compared with the previous financial year. Its revenues in the quarter ended March 31 amounted to Rs.10,454 crore, up by 18.1 per cent, compared with the corresponding period in 2012.