Infosys Q3 Net Profit drops by 12%, announces buyback of Rs.8260 Cr

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Bangaluru : IT major Infosys today reported 12% drop in net profit at Rs 3,609 crore for the December quarter compared to the previous quarter’s profit of Rs 4,110 crore. 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. The earnings before interest and taxes has been reported at Rs 4,830 crore, while the EBIT margin is 22.6 percent during the quarter. The dollar revenue has been reported at USD 2,987 million, which implies a growth of over 2 percent quarter on quarter.

The Board of Directors of the company today approved buyback of Equity Shares, under open market route of  Rs.8,260 crore at a Maximum price of Rs.800 per share. The board also announces  a special dividend of Rs.4 per share.

“With increased client relevance, we saw double digit (10.1%) 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% growth and large deals at $1.57 billion which gives us confidence entering 2019”, he added.

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