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Infosys Profit Declines 30%, Announces Share Buyback At Rs 800/Share

Roshni Agarwal

Bengaluru-based country's second largest software services major Infosys in its third-quarterly earnings announcements today reported a decline in its consolidated net profit by 29.62% at Rs 3,610 crore for December quarter.

The IT firm had reported Rs 5,129 crore profit in the year-ago period, the company said in a BSE filing.T

The company revised its revenue guidance for the full-year in constant currency terms to 8.5-9 per cent. The guidance for operating margin has been retained at 22-24 per cent.
On a sequential basis, sales registered a growth of 3.8% in rupee terms. Sales increased 2.7% qoq in constant currency terms.

The company reported revenue of Rs 21,400 crore in Q3FY19 which was higher by 20.26% as against Rs 17,794 crore in Q3FY18. In dollar terms, the revenue was at $2,987 million, the growth of 8.4% YoY and 2.2% QoQ.

Net sales for the quarter jumped 20.3 per cent YoY to Rs 21,400 crore

The company declared a special dividend of Rs. 4 per share. Also, the company on the sideline, announced a share buyback offer under open market route of upto Rs. 8260 crore for Rs. 800 per share.

Employee base at the company also strengthened with a worforce of 2,25,501 people as of December 2018 in comparison to employee base of 2,17,739 employees in September 2018.

Pravin Rao, COO at Infosys said, "Volume growth was strong and revenue productivity was stable despite Q3 being a seasonally weak quarter. We had good growth across geographies and large business segments." Rao added, "Attrition declined during the quarter and we are continuing on the path of increased interventions and employee engagements to reduce it further."

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