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Last Updated : Jan 11, 2019 05:03 PM IST | Source: Moneycontrol.com

Infosys Q3 profit falls 12%; FY19 CC revenue growth forecast raised to 8.5-9%; buyback approved

The revenue has been reported at Rs 21,400 crore, a rise of around 4 percent compared to the previous quarter of Rs 20,609 crore.

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IT major Infosys' reported 12 percent quarter on quarter (QoQ) decline in December quarter net profit to Rs 3,609 from Rs 4,110 crore last quarter.

The revenue was at Rs 21,400 crore, up around 4 percent over the previous quarter's Rs 20,609 crore.

The earnings before interest and taxes (EBIT) was at Rs 4,830 crore, while the EBIT margin was 22.6 percent. The company has maintained FY19 EBIT margin guidance at 22-24 percent.

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The dollar revenue grew 2 percent quarter-on-quarter to $2,987 million.

The constant currency revenue growth was 2.7 percent. Interestingly, the company raised its FY19 constant currency guidance to 8.5-9 percent from 6-8 percent.

The company announced a buyback of Rs 8,260 crore via the open market at a maximum price of Rs 800 apiece and announced a special dividend of Rs 4 apiece.

Based on the recommendation of the Nomination and Remuneration Committee, the Board approved the re-appointment of Kiran Mazumdar-Shaw as the Lead Independent Director from April 1, 2019, to March 22, 2023, subject to shareholder’ approval.

Among business verticals, the BFSI sales rose 3.6 percent quarter on quarter in constant currency. Its retrial revenue fell 0.1 percent QpQ in constant currency. Communication business fell by 0.5 percent QoQ in constant currency.

Energy and utilities grew by 7.4 percent QoQ, while manufacturing and hi-tech rose 7.6 and 0.6 percent.

In terms of geographies, North American business rose by 2.6 percent QoQ, while Europe and Rest of the World grew by 3.8 percent and 0.8 percent.

Its India business rose 5 percent QoQ in constant currency.

“With increased client relevance, we saw double-digit (10.1 percent) year-on-year growth in Q3 on a constant currency basis,” said Salil Parekh, CEO and MD. “We also had another strong quarter in our digital business with 33.1 percent growth and large deals at $1.57 billion which gives us confidence entering 2019,” he added.

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First Published on Jan 11, 2019 04:26 pm
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