Susquehanna Financial has revised its profit and revenue estimates of software major Infosys Ltd. (NASDAQ:INFY), following a statement from S.D. Shibulal, its Chief Executive Officer (CEO) that the demand environment, which started to deteriorate 45 days ago, has yet to recover.

The brokerage lowered its third-quarter revenue estimates below consensus to $1.807 billion from $1.831 billion. The latest estimate represents a 14 percent growth from last year.

Friedman, however, raised its profit view for the third quarter by 4 cents to 84 cents a share, citing sharp rupee depreciation. Wall Street expects Infosys to earn 80 cents a share on revenue of $1.82 billion, according to analysts polled by Thomson Reuters.

INFY says it is not specific to any one vertical - while banking is known to be weak, insurance also has been underperforming (a trend that began last quarter).Retail and manufacturing look OK, analyst James Friedman wrote in a note to clients.

While projects are not being canceled, clients are asking for slower start and deployment times on work that has already been awarded, the analyst said, quoting Shibulal.

Shares of Bangalore-based Infosys closed Monday's regular trading session at $51 on Nasdaq.