Thursday 17 January 2019
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business-standard - 6 days ago

Infosys Q3 net profit drops 30%, announces Rs 8,260-cr buyback

India s second largest IT firm Infosys Friday reported a 30 per cent drop in its December quarter net profit on higher expenses even as it approved a Rs 8,260-crore share buyback -- the second in less than 13 months time. Its net profit slumped to Rs 3,610 crore in October-December 2018 from Rs 5,129 crore in the same period a year ago, the company said in a statement. In spite of the drop in quarterly profit, the company raised its revenue growth forecast for the fiscal year ending March 2019 to 8.5-9 per cent in constant currency terms, from 6-8 per cent previously. Revenue from operations rose 20.3 per cent to Rs 21,400 crore. During the third quarter, expenses surged over 26 per cent to Rs 17,021 crore on the back of higher depreciation and amortisation charge and reduction in carrying value of Skava. Infosys said it will buy back 10.32 crore shares, or 2.36 per cent, for no more than Rs 800 per share -- 17 per cent higher than the closing price of Rs 683.70 per share on the ...

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