Infosys Announces Share Buyback Worth Rs 8,260 Crore
The country'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 Rs 8,260 crore ($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 per cent growth and large deals at $1.57 billion which gives us confidence entering 2019," chief executive Salil Parekh said in a statement.
Infosys however raised its forecast for earnings growth from 8.0 per cent to 8.5-9.0 per cent in dollar terms for the current fiscal year.
The country'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 on Thursday reported a 24.1 per cent rise in net profit for the quarter ending in December.
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