Infosys now expects revenue to grow only 1% to 2% in constant currency for the fiscal year that ends in March, down from the 1.5% to 3% range it gave in July. That July range was itself a cut from the 1.5% to 3.5% the company set in April. The latest reduction came in a quarter when AI work rose to 10.5% of revenue, up from 8.2% three months earlier.

The company reported September-quarter revenue of $5.145 billion on Friday, up 1.5% from a year earlier and 1.2% from the June quarter in constant currency. The operating margin was 21%, and Infosys kept its full-year margin target of 20% to 22%. Most analysts had expected India’s second-largest IT services provider to trim only the top of its range, to 1.5% to 2.5%, Reuters reported .

Bookings moved the other way. Large-deal contract value reached $5.2 billion, 62% of it net new, compared with $3.6 billion in the June quarter .…