Infosys Net Profit Falls To Rs 3,612 Crore In April-June

IT major Infosys posted a net profit of Rs 3,612 crore, 2.1 per cent lower than Rs. 3,690 crore in the last quarter, the company said on Friday. However, on a year-on-year basis, the net profit increased by 3.7 per cent. Analysts, on average, had expected a net profit of Rs 3,740 crore, according to Thomson Reuters data. Infosys posted a revenue growth of 5.8 per cent on a quarter-on-quarter basis and 5.8 per cent on a year-on-year basis to Rs 19,128 crore for the quarter under review.

Infosys board also approved the issue of one free equity share for every equity share held (1:1 bonus issue).

“The strong revenue and margin performance in this quarter shows that our dual emphasis on Agile Digital and AI (artificial intelligence) -driven Core services is resonating with our clients”, said Salil Parekh, CEO and Mangaing Director of Infosys.

“With our Agile Digital business growing sequentially at 8 per cent in constant currency and increase in our large deal wins to over US$ 1 billion, we see good traction in the market.”

For the financial year ended March 31, 2018, Infosys had reported an increase of 11.7 per cent in its consolidated net profit at Rs 16,029 crore.

Ahead of the June quarter results, Infosys shares closed 1.12 per cent higher at Rs 1,309.10 on the Bombay Stock Exchange (BSE).

Rival Tata Consultancy Services posted a net profit of Rs 7,340 crore in the June quarter.

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