Infosys Net profit up 11% to Rs.6021 crore, announces its fourth buyback program of Rs. 9300 crore

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Biznextindia : Infosys, India’s second largest IT firm, on Thursday reported an 11.1 percent rise in its consolidated net profit at Rs 6,021 for the quarter ended September 2022, the company said in a BSE filing.The company had reported a consolidated profit of Rs 5,421 crore in the corresponding three months a year ago.

The board has approved buyback of Equity Shares, from the open market route through the Indian stock exchanges, amounting to Rs. 9,300 crore (app. $1.13 bn) at a price of Rs. 1,850 per share. Last year, Infosys had launched a share buyback plan worth Rs 9,200 crore. The buyback programme closed on September 14 in 2021.

The board has also approved Interim dividend of Rs. 16.50 per share  vs. FY 22 interim dividend of Rs. 15. The total amount of interim dividend will be app. ₹6,940 crores.

“Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation”, said Salil Parekh, CEO and MD. “While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15%-16% for FY 23”, he added.