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The country's second-biggest software services exporter by
market capitalization reported a 29.6 percent fall in
attributable profit for October-December to 36.09 billion rupees
($511.94 million). That compared with the 41.31 billion rupees
average of 25 analyst estimates compiled by Refinitiv Eikon.
A year earlier, it made a profit of 51.29 billion rupees, helped
by tax benefits from the firm's deal with the U.S. Internal
Revenue Service, the company said in a statement https://www.bseindia.com/xml-data/corpfiling/AttachLive/c9bea3b5-4db0-4128-99f7-d7c436a32bdd.pdf.
Still, Infosys raised its revenue growth forecast for the year
through March 2019 to 8.5-9 percent in constant currency, from
6-8 percent previously.
Total expenses in the quarter surged over 26 percent to 170.21
billion rupees, which included an additional depreciation and
amortization charge of $12 million and a reduction of $65
million in the carrying value for its Skava units.
The company also said it was "no longer highly probable" that
the sale of its units Kallidus & Skava and Panaya would be
completed by March 31, 2019.
Meanwhile, revenue from operations in the quarter rose 20.3
percent to 214 billion rupees in what is usually considered a
seasonally weak period for Indian IT firms.
Infosys also approved a buyback of shares worth 82.60 billion
rupees as part of its capital allocation policy.
On Thursday, market leader Tata Consultancy Services Ltd
reported a record quarterly profit for October-December.
(Reporting by Arnab Paul and Krishna V Kurup in Bengaluru;
Editing by Jason Neely and Mark Potter)
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