IT major Infosys Friday said its net profit declined by nearly 30 per cent to ₹3,610 crore during the December 2018 quarter, even as it announced a share buyback plan of up to ₹8,260 crore.
The country’s second-largest software services firm had registered a net profit of ₹5,129 crore in the October-December 2017 quarter, Infosys said in a BSE filing.
The Bengaluru-based firm’s revenue, however, grew 20.3 per cent to ₹21,400 crore in the December 2018 quarter as compared to ₹17,794 crore in the year-ago period.
The board of the company approved a buyback of equity shares from the open market route amounting up to ₹8,260 crore (about USD 1.18 billion) at a price not exceeding ₹800 per share, the statement added.
Infosys has also announced a special dividend of ₹4 per share that would result in a payout of about ₹2,107 crore (approximately USD 302 million).
The company has revised upwards its FY2018-19 revenue guidance in constant currency to 8.5-9 per cent, it said.
“With increased client relevance, we saw double digit (10.1 per cent) year-on-year growth in Q3 on a constant currency basis,” Infosys CEO and MD Salil Parekh said.
{{/usCountry}}“With increased client relevance, we saw double digit (10.1 per cent) year-on-year growth in Q3 on a constant currency basis,” Infosys CEO and MD Salil Parekh said.
{{/usCountry}}He said the company also had another strong quarter in its digital business with 33.1 per cent growth and large deals at USD 1.57 billion, which gives it confidence entering 2019.