Infosys Profit Falls 30-pc, Announces Share Buyback

India’s largest software services company Infosys Limited in its Q-3 announcements that made after market hours Friday showed a fall in its consolidated net profit by 29.62 percent at Rs 3,610 crore for the quarter-Dec,  as against Rs 5,129 crore profit which had reported in the year-ago period. Consolidated income from operations figured at Rs 21400 cr v/s Rs 17794 cr a year ago, TCS said in the stock exchange filing.

On a sequential basis, sales clocked a growth of 3.8 percent in rupee terms. Sales increased 2.7 percent for quarter-on-quarter in constant currency terms, while net sales for the quarter surged 20.3 percent to Rs 21400 cr, year-on-year.

Further, the IT giant declared a special dividend of Rs. 4 per share and also announced   a share buyback proposal under open market route of upto Rs8260 cr for Rs 800 share apiece.

Infosys share price closed at Rs. 684.35 higher by 0.68 percent in the subsided market Friday.