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13 January, 2019 00:00 00 AM
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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.

 

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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.

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