Infosys Net Profits At Rs 3,726 Crores; Cuts Guidance

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IT major Infosys today reported net profits that were better than estimates. The company saw its net profit grow to Rs 3,726 crores for the quarter ending Sept 30, 2017, which was ahead of analysts estimates of Rs 3,500 crores.

Dollar revenue was up 2.9 per cent sequentially, though this was lower than expectations of a 3.3 per cent growth. The company has cut guidance cut to 5.5 per cent to 6.5 per cent for the year, from 6.5 per cent to 8.5 per cent.

"We continue to focus on executing on the theme of software enabled services and on accelerating growth of our new services portfolio," said U B Pravin Rao, Interim CEO and Managing Director. "During the quarter, we responded quickly to the management and Board changes through proactive communication with all stakeholders minimizing any negative impact to the business and allowing us to deliver growth across all our large industry units."

Infosys Net Profits At Rs 3,726 Crores; Cuts Guidance
The performance of the company has been mixed, and the stock may fall based on poor guidance. This was the first set of quarterly results, following the departure of Vishal Sikka and the first under Nandan Nilekani. The quarterly results were also a departure from the earlier practice of declaring results in the morning.

The board of the company has declared a dividend of Rs 13 per share. Check stock quote of Infosys here

Investigation on corporate governance

Infosys said that it has concluded an independent investigation on the Panaya acquisition. The company said that there is no no merit in allegations of wrongdoing.

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