Infosys Q2 net up by 10.3% to Rs 4,110 cr

Infosys Q2 net up by 10.3% to Rs 4,110 cr
Highlights

The countrys secondlargest IT firm Infosys on Tuesday reported a 103 per cent growth in its consolidated net profit at Rs 4,110 crore for the quarter ended September 2018

Bengaluru: The country's second-largest IT firm Infosys on Tuesday reported a 10.3 per cent growth in its consolidated net profit at Rs 4,110 crore for the quarter ended September 2018.

It had posted a net profit of Rs 3,726 crore in the year-ago period, Infosys said in a BSE filing. The Bengaluru-based firm's revenue grew 17.3 per cent to Rs 20,609 crore in the quarter under review as compared to Rs 17,567 crore in the same period of 2017-18, it added.

"We are delighted with our broad-based growth across all business segments and geographies during the quarter. This is a testimony to our strong client relationships, digital-led full-service capabilities, and intense focus on the needs of our clients," Infosys CEO and managing director Salil Parekh said.

He added that large deal wins at over $2 billion during the quarter "demonstrate our increased client relevance and also give us better growth visibility for the near-term". Digital revenues at $905 million make 31 per cent of total revenues, it said.

The company retained its FY'19 revenue guidance in constant currency at 6-8 per cent. Infosys also said it will comply with arbitration award asking it to pay Rs 12.17 crore to former CFO Rajiv Bansal.

"The company has received legal advice and will comply with the award and make the necessary payments," the software services major said in a statement. The company had earlier stated that "while the award acknowledges that Infosys had bona fide disputes, its counter claim for refund of previously paid severance amount of Rs 5.2 crore and damages, has been rejected".

It had also added that it will take legal advice for further action on the issue. The IT firm had agreed to pay Bansal a severance amount of Rs 17.38 crore or 24 months of salary when he quit in 2015, but the company suspended payments after he got Rs 5 crore. This was done after co-founder N R Narayana Murthy and others had raised objections to the severance pay terming it excessive.

Following this, Bansal had dragged his former employer to arbitration to claim the remaining Rs 12 crore of his severance pay. Bansal's severance payout has been one of the issues that Infosys founders had raised to allege governance lapses at the Bengaluru-based firm. The company declared interim dividend of Rs 7 per share.

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