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India’s Infosys June-qtr profit rises about 4 pct, misses estimates

Published: July 13, 2018

STORY: Infosys Ltd, India’s No. 2 software services exporter, posted a 3.7 percent rise in quarterly profit on Friday, missing estimates, hurt by a one-off charge related to fair value reduction of Panaya, which the company is trying to dispose of.

The company has recorded a reduction in the fair value amounting to 2.70 billion rupees ($39.4 million) in respect of the Panaya business, the company said in a statement.

Infosys also achieved digital growth by 25 percent in constant currency to reach US $813 million for the quarter, which is a quarter on quarter growth of 8 percent, said Infosys CEO & MD, Salil S. Parekh while addressing the media in southern Bengaluru city on Friday (July 13).

Also, the company witnessed healthy environment in the across the US, Europe and Asia Pacific in the strengthen regions of energy, utilities, retail, insurance and manufacturing.

The company, which has its headquarters in Bengaluru in southern India, posted a 12 percent rise in revenue from operations to 191.28 billion rupees.

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