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Infosys slips after Q4 earnings

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fell 3.65% to Rs 1,126.30 at 9:23 IST on after consolidated net profit fell 28.1% to Rs 3690 crore on 1.6% increase in revenues to Rs 18083 crore in Q4 March 2018 over Q3 December 2017.

The result are under International Financial Reporting Standards (IFRS). It was announced after market hours Friday, 13 April 2018.

Meanwhile, the Sensex was down 73.65 points, or 0.22% to 34,119.

On the BSE, 1.67 lakh shares were traded in the counter so far compared with average daily volumes of 1.76 lakh shares in the past two weeks. The stock had hit a high of Rs 1,126.30 and a low of Rs 1,099 so far during the day. The stock hit a 52-week high of Rs 1,220 on 24 January 2018. The stock hit a 52-week low of Rs 861.50 on 22 August 2017.

On a consolidated basis, expects revenues to grow 6%-8% in constant currency in the fiscal year ending 31 March 2019 (FY 2019). It expects revenues to grow 8.2%-10.2% in rupee terms in FY 2019.

On a consolidated basis, net profit grew 11.7% to Rs 16029 crore in the year ended 31 March 2018 over the year ended 31 March 2017. Revenues were at Rs 70522 crore in the year ended 31 March 2018, a year on year (YoY) growth of 3% in reported terms and a growth of 5.8% in constant currency terms.

On 13 April 2018, entered into a definitive agreement to acquire WongDoody Holding Company, Inc., a US-based digital creative and consumer insights agency for a total consideration of up to $75 million including contingent consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions.

In the quarter ended 31 March 2018, on conclusion of a strategic review of its portfolio of businesses, Infosys initiated identification and evaluation of for its subsidiaries, Kallidus and Skava (together referred to as Skava) and (collectively referred to as the group). The company anticipates completion of the sale by March 2019 and accordingly, assets amounting to Rs 2060 crore ($316 million) and liabilities amounting to Rs 324 crore ($50 million) in respect of the group have been reclassified and presented as held for sale.

On reclassification, an impairment loss of Rs 118 crore ($18 million) in respect of has been recognized in the consolidated profit and loss for the quarter and year ended 31 March 2018. The corresponding write down in the investment value of in the standalone financial statements of Infosys is Rs 589 crore ($90 million).

Infosys is a global leader in and consulting.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 09:29 IST
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