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Infosys Q4 Profit Falls 2.8%; IT Giant to Pay Rs 13,000 Crore to Shareholders

The company expects its 2017-18 revenue to grow between 6.1% and 8.1% in dollar terms and 6.5-8.5% in constant currency terms.

News18.com

Updated:April 13, 2017, 11:31 AM IST
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Infosys Q4 Profit Falls 2.8%; IT Giant to Pay Rs 13,000 Crore to Shareholders
Infosys, in the spotlight recently due to differences between founders and board members over governance issues, has beaten analysts' profit estimates. (Image: Reuters)Infosys Profit, Infosys performance

Bengaluru: The country’s second-largest IT services firm Infosys on Thursday reported a consolidated net profit of Rs 3,603 crore for the quarter which ended on March 2017. The software services exporter’s net has fallen 2.8% against Rs 3,708 crore in the previous quarter with revenues declining at 0.9%.

Infosys will also pay up to Rs 13,000 crore to shareholders during 2017-18 by way of dividend and/or share buyback. It has named Independent Director Ravi Venkatesan as co-Chairman of the company.

ALSO READ | Infosys Names Ravi Venkatesan as Co-Chairman

Revenue of the Bengaluru-based company grew 3.4% to Rs 17,120 crore in the March quarter compared to Rs 16,550 crore in the same period of 2015-16, according to a BSE filing by Infosys.

The company expects its 2017-18 revenue to grow between 6.1% and 8.1% in dollar terms and 6.5-8.5% in constant currency terms.

Infosys CEO Vishal Sikka said, "Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance."

ALSO READ | Infosys Plans Rs 13,000 Crore Payout Via Buyback, Dividend

He added: "Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long-term value for all stakeholders."

In US dollars, Infosys net profit was up 1.8% at USD 543 million for the March quarter while revenue grew 5% to USD 2.5 billion.

For the full year, net profit grew 4.3% to USD 2.1 billion while revenue was up 7.4% to USD 10.2 billion.

The board has recommended a final dividend of Rs 14.75 per share for 2016-17.

(With Inputs from PTI)

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