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Alert! Infosys buyback, special dividend announced: Big benefits in offing; 5 key takeaways
The company reported a 29.6 percent fall in third-quarter net profit, well below market expectations. Infosys' profit for this quarter stood at 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon.
IT giant Infosys announced its 3rd Quarter results for the financial year 2018-19 on Friday afternoon. The company reported a 29.6 percent fall in third-quarter net profit, well below market expectations. Infosys' profit for this quarter stood at 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon. Last year, the company had made a profit of 51.29 billion rupees, helped by tax benefits from the firm`s deal with the U.S. Internal Revenue Service. Here are the 5 key takeaways from Infosys Q3 result:
1. Increase in revenue:
Revenue for the Q3 increased by 20 per cent to Rs 21,400 crore from Rs 17,794 crore on YoY basis.
2. Drop in Profit:
Net-profit for the quarter dipped to Rs 3,610 crore from Rs 5,129 crore on YoY basis, down by 30 per cent.
3. Special dividend:
The company declared a special dividend of ₹ 4/- per equity share and fixed January 25, 2019 as record date for the special dividend and January 28, 2019 as payment date.
4. Buyback announced:
The company has also approved a buyback of shares worth Rs 8260 crore at Rs 800 each.
5. Re-appointment of Independent Director
Based on the recommendation of the Nomination and Remuneration Committee, the company considered and approved the reappointment of Kiran Mazumdar–Shaw as the Lead Independent Director for the second term from April 1, 2019 to March 22, 2023
India`s second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 percent to 214 billion rupees.
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