Infosys has reported a net profit at Rs 3,603 crore for the March-ended quarter, a degrowth of 2.8 per cent, against Rs 3,708 crore it posted in the December-ended quarter.
Net profit came in 0.2 per cent higher than Rs 3,597 crore in the same period previous year, according to a BSE filing by Infosys.
Revenues of the Bengaluru-based company grew 3.4 per cent to Rs 17,120 crore in the March quarter compared with Rs 16,550 crore in the same period of 2015-16, it added.
The revenues were down 0.88 per cent when compared with Rs 17,273 crore it posted in the December-ended quarter.
Dollar revenues during the quarter stood at $2.5 billion, a growth of 0.7 per cent, over $2.5 billion in December quarter.The March-ended quarter also concludes the financial year 2017 for Infosys.
The company expects its 2017-18 revenue to grow between 6.1 per cent and 8.1 per cent in dollar terms and 6.5-8.5 per cent in constant currency terms.
Dividend, share buyback
Also, from financial year 2018, the company expects to pay out up to 70 per cent of the free cash flow of the corresponding financial year in such a manner (including by way of dividend and/or share buyback) as may be decided by the board from time to time.
Infosys CEO Vishal Sikka said, “Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance.”
He added: “Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long term value for all stakeholders.”
The company has appointed Ravi Venkatesan, Independent Director, as the Co-Chairman of the board.