Infosys rose 3.04% to Rs 704.50 at 9:27 IST on BSE after consolidated net profit fell 12.17% to Rs 3610 crore on 3.84% increase in revenues to Rs 21400 crore in Q3 December 2018 over Q2 September 2018.
The result was announced after market hours on Friday, 11 January 2019.Meanwhile, the S&P BSE Sensex was down 185.40 points, or 0.51% to 35,824.44.
On the BSE, 4.21 lakh shares were traded in the counter so far compared with average daily volumes of 5.96 lakh shares in the past two weeks. The stock had hit a high of Rs 709 and a low of Rs 698.90 so far during the day. The stock hit a 52-week high of Rs 754.95 on 1 October 2018. The stock hit a 52-week low of Rs 532.75 on 15 January 2018.
Operating profit was reported at Rs 4830 crore, a growth of 11.8% year-on-year and a decline of 1.3% quarter-on-quarter.
The company revised its FY2019 revenue guidance in constant currency upward to 8.5%-9.0%. It retained operating margin guidance at 22%-24%.
Infosys' CEO and MD, Salil Parekh said that with increased client relevance, the firm saw double digit (10.1%) year-on-year growth in Q3 on a constant currency basis. The company also had another strong quarter in its digital business with 33.1% growth and large deals at $1.57 billion which gives it confidence entering 2019.
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Pravin Rao, COO, said volume growth was strong and revenue productivity was stable despite Q3 being a seasonally weak quarter. Infosys had good growth across geographies and large business segments. Attrition declined during the quarter and the company is continuing on the path of increased interventions and employee engagements to reduce it further, he added.
The board in its meeting held on Friday, 11 January 2019, approved buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to Rs 8260 crore (maximum buyback size) at a price not exceeding Rs 800 per share (maximum buyback price), subject to shareholders' approval by way of postal ballot. Further, the board also approved a special dividend of Rs 4 per share.
Further, based on the recommendation of the nomination and remuneration committee, the board approved the re-appointment of Kiran Mazumdar-Shaw as the lead independent director from 1 April 2019 to 22 March 2023, subject to shareholder' approval.
Infosys is a global leader in next-generation digital services and consulting.
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