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Infosys slips on reports of delaying Q4 results

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Infosys fell 1.94% to Rs 2,208 at 12:21 IST on BSE on reports the company will delay the announcement of its Q4 March 2015 results.

Meanwhile, the S&P BSE Sensex was down 383.22 points or 1.29% at 29,070.12

On BSE, so far 55,960 shares were traded in the counter as against average daily volume of 2.26 lakh shares in the past one quarter.

The stock hit a high of Rs 2,256 and a low of Rs 2,195 so far during the day. The stock scaled a record high of Rs 2,335.20 on 20 February 2015. The stock had hit a 52-week low of Rs 1,447 on 30 May 2014.

The large-cap company has equity capital of Rs 574.24 crore. Face value per share is Rs 5.

As per reports, Infosys will delay the announcement of its Q4 March 2015 results to give its chief executive officer Vishal Sikka more time to fine-tune a strategy roadmap that promises to turn the firm into a next-generation service company. Infosys traditionally kicks off the quarterly corporate earnings season. Over the last five years, the company has announced Q4 March 2015 results by the middle of April.

Infosys will reportedly declare its Q4 March 2015 results on 24 April 2015, a delay of more than 10 days. The company is yet to officially declare the date of the announcement of the results for the fourth quarter.

Vishal Sikka and senior executives in Infosys are currently in the process of finalizing the strategy document that has caused delay, as per reports. Infosys wants to outline the roadmap when it declares its numbers. Two broad things under discussion are on the capital allocation and operational strategy, reports added

Capital allocation and the layout plan including if the company should go for a share buyback or the dividend. The other broad bucket is having a quantitative assessment of the financial implications of the strategy for the road ahead, as per reports.

Infosys' consolidated net profit rose 4.97% to Rs 3250 crore on 3.4% growth in net sales to Rs 13796 crore in Q3 December 2014 over Q2 September 2014.

Infosys is a global leader in consulting, technology and outsourcing solutions.

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First Published: Mon, March 09 2015. 12:27 IST