India's Infosys June-quarter profit rises about 4 percent, misses estimates

[July 13, 2018]  (Reuters) - Infosys Ltd, India's No.2 software services exporter, posted a 3.7 percent rise in quarterly profit on Friday, missing estimates, hurt by a one-off charge related to fair value reduction of Panaya, which the company is trying to dispose of.

The logo of Infosys is pictured inside the company's headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa

The company has recorded a reduction in the fair value amounting to 2.70 billion rupees ($39.4 million) in respect of the Panaya business, the company said in a statement http://bit.ly/2NaNKcY.

Infosys also maintained its expectation for full-year revenue growth of between 6 to 8 percent.

Profit for the quarter ended June http://bit.ly/2NaNKcY came in at 36.12 billion rupees versus 34.83 billion rupees a year ago.

Analysts, on average, had expected a net profit of 37.40 billion rupees, according to Thomson Reuters data.

Infosys also announced a bonus issue of equity shares and stock dividend of American Depositary Shares in the ratio 1:1.

The company, which has its headquarters in Bengaluru in southern India, posted a 12 percent rise in revenue from operations to 191.28 billion rupees.

(Reporting by Krishna V Kurup and Aby Jose Koilparambil in Bengaluru; Editing by David Evans/Keith Weir)

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