Infosys reported a net profit of Rs 3,612 crore in first quarter

The profits were impacted by Rs 270 crore because of the reduction in value of Panaya, the Israeli software company put up for sale by Infosys in the last quarter.

Published: 13th July 2018 05:28 PM  |   Last Updated: 13th July 2018 06:38 PM   |  A+A-

Infosys

Image used for representational purpose only. (File photo | Reuters)

By Express News Service

BENGALURU: Infosys on Friday reported a net profit of Rs 3,612 crore and revenues of Rs 19,128 crore for the quarter ending June 30.

The profits were impacted by Rs 270 crore because of the reduction in value of Panaya, the Israeli software company put up for sale by Infosys in the last quarter.

"The company has recorded a reduction in the fair value of disposal group held for sale amounting to Rs 270 crore in respect of Panaya. Consequently, profit for the three months ended June 30 has decreased by Rs 270 crore resulting in a decrease seen in basic earnings per equity share by Rs 1.24 for the quarter," the company said in a statement.

Revenues have shown a year on year growth of 12 per cent year on year while net profit has grown by 3.7 per cent year on year but declined by 2.1 per cent compared to last quarter. Infosys also announced a 1:1 bonus issue of equity shares and a 1:1 stock dividend of American Depositary Shares. Digital revenues at $803 million, has grown by 25.6 per cent year on year in constant currency terms.

"With our Agile digital business growing sequentially at 8 per cent in constant currency and increase in our large deals wins to over USD 1 billion, we see good traction in the market," said CEO and MD Salil Parekh.

The company now has 24 $100, million-plus clients. "Utilisation excluding trainees has reached an all-time high of 85.7 per cent," said COO Pravin Rao.

The company has also appointed Michael Gibbs as an independent director from July 13th for a period of 3 years, the statement said. 

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