Infosys released their third quarter financial report with a net profit of Rs 3,610 crores, posting a 29.6% decline as compared to the net profit of Rs. 5,129 crores during Q3 FY18. Infosys consolidated revenue, however, increased from Rs 17,794 crores to Rs 21,400 crore in the December-end quarter of the current fiscal.
Salil Parekh, CEO and MD of Infosys said, “ With increased client relevance, we saw double-digit (10.1%) year-on-year growth in Q3 on a constant currency basis.” He added, “We also had another strong quarter in our digital business with 33.1% growth and large deals at $1.57 billion which gives us confidence entering 2019.”
The IT major also announced that the company’s board accepted the buyback proposal worth Rs 8,260 crores.
The company in its regulatory filing said, “a proposal for the company to buy back its own fully paid-up equity shares of face value of Rs 5 each from equity shareholders of the company, 14.54% of its paid-up share capital and free reserves as on December 31, 2018, for an amount, payable in cash, aggregating up to Rs 8,260 crore… for a price not exceeding Rs 800.”
The company also announced a special dividend of Rs 4 per equity share and fixed January 25, 2019, as the record date for the special dividend and January 28, 2019, as the payment date.