Tuesday 19 November 2019 ,
Tuesday 19 November 2019 ,
Latest News
  • Bus strike: People suffer for 2nd straight day
  • 2.5 km of Padma Bridge visible as 16th span installed
  • Enough salt in stock; don’t get confused by misleading info: BSCIC
  • 5 Bangladeshi killed in Libya airstrike
  • UN court to hear Myanmar genocide case next monthing
13 January, 2019 00:00 00 AM
Print

Infosys share buyback as profits slide

AFP, Mumbai

India’s second-largest software exporter Infosys reported on Friday a 30 per cent 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.

 

Comments


Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting