Infosys to buyback equity shares amounting to Rs 8,260 crores

Infosys to buyback equity shares amounting to Rs 8,260 crores

Agency News

Bengaluru, Jan 11: IT major Infosys Board has approved buyback of Equity Shares amounting to Rs 8,260 crore at a price not exceeding Rs 800 per share subject to shareholders' approval by way of Postal Ballot.

The Board which met here has also approved payment of a special dividend of Rs 4 per share.

Infosys CEO and MD Salil Parekh, addressing a press conference here on Friday, said that " with increased client relevance, we saw double digit (10.1%) year-on-year growth in Q3 on a constant currency basis. We also had another strong quarter in our digital business with 33.1% growth and large deals at USD 1.57 billion which gives us confidence entering 2019”, he added.

For the Quarter ended Dec 31 the revenue has touched Rs 21,400 crore, growth of 20.3 per cent YoY and 3.8 per cent QoQ. the operating profit was Rs 4,830 crore, decline by 1.3 per cent of QoQ and growth of 11.8 per cent YoY. Basic EPS was Rs 8.30 decline of 26.4 per cent YoY and 12.2 per cent QoQ. During the first nine month of the current financial year the total revenue has touced Rs 61,137 crore, a growth of 16.6 per cent YoY.

COO Pravin Rao 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. Attrition declined during the quarter and we are continuing on the path of increased interventions and employee engagements to reduce it further.”

“We saw significant currency volatility during the quarter and managed it effectively by our hedging strategy”, said Jayesh Sanghrajka, Interim CFO.

The Board has approved re-appointment of Biocon Chief Kiran Mazummdar-Shaw as the lead Independent Director from April 1-2019 to March 22-2023 subject to shareholders approval.

Board Chairman Nandan Nilekani, commenting on re-appointment said that "Kiran has been a pillar of strength to the Board, especially over the last 18 months as steered the company to stability and growth. As chair of the Nominations and Remuneration Committee, she played a critical role in the CEO and CFO selection process. Her continuity, experience and insights are greatly valued by the Board as it guides the company in executing its strategy in the coming years." (UNI)