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Infosys Q1 Net Profit up 3.7% to Rs 36.12 Bn; Announces 1:1 Bonus Issue

The country’s second-largest software services major Infosys today reported 3.7 per cent growth in consolidated net profit at Rs 36.12 billion for the quarter ended on June 30, 2018, compared to a net profit of Rs 34.83 billion in the year-ago period.

Revenues from operations of the Bengaluru-based firm grew 12 per cent to Rs 191.28 billion in the April-June quarter compared to Rs 170.78 billion in the year-ago period, Infosys said in a BSE filing.

Infosys board has approved issuance of one free share for every share held (that is a 1:1 bonus issue).

“The Board in its meeting…has considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined,” the company said in the regulatory filing.

Infosys has maintained revenue growth outlook at 6-8 per cent in constant currency for fiscal 2019. It had also maintained FY 2018-19 operating margin guidance in the range of 22-24 per cent.

“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”, Salil Parekh, CEO and MD of the company said.

He added the company sees “good traction in the market”.

The results were announced after the market hours.

Infosys shares closed 1.12 per cent higher at Rs 1,309.1 apiece on BSE.

The company had said in April that it will pay up to Rs 130 billion to shareholders including Rs 26 billion through special dividend, as the company looked to meet shareholder demands for higher returns. Infosys had also then said that it will continue with its policy of returning up to 70 per cent of its free cash.

Infosys’ scorecard came just days after India’s largest software exporter TCS posting a 23.4 per cent rise in consolidated net profit to Rs 73.40 billion for June quarter, delivering what analysts said were street-beating results.

The Tata Group company saw its income from operations growing at 15.8 per cent to Rs 342.61 billion for the first three months of the current financial year, registering strong growth on all counts. – Business Standard

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