Infosys share buyback as profits slide
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India's second-largest software exporter Infosys reported on Friday a 30 percent fall in quarterly profits amid seasonal weakness in the IT sector and mounting expenses.
The Bangalore-headquartered company also announced board approval for the buyback of shares worth 82.60 billion rupees ($1.184 billion) and raised its revenue forecast for the current financial year.
"We had another strong quarter in our digital business with 33.1 percent growth and large deals at $1.57 billion which gives us confidence entering 2019," chief executive Salil Parekh said in a statement.
Net profit in the three months to December 31 came in at 36.10 billion rupees ($511.94 million), below the 51.29 billion rupees in the same period a year earlier.
Infosys however raised its forecast for earnings growth from 8.0 percent to 8.5-9.0 percent in dollar terms for the current fiscal year.
India's $150 billion IT sector has long been one of its flagship industries but is facing upheaval in the face of automation, a failure to keep up with new technologies and visa restrictions.
Infosys' rival and India's largest IT services exporter Tata Consultancy Services Thursday reported a 24.1 percent rise in net profit for the quarter ending in December.
? 2019 AFP