India's second largest IT firm Infosys reported a 28 percent sequential fall in net profit to Rs 3,690 crore in the fourth-quarter results (ended on March 31) Friday.
Infosys had reported a net profit of Rs 5,129 crore in the December quarter last year and Rs 3,603 crore in the same quarter in 2016. This is the first quarterly result of the firm announced under the new chief executive officer Salil Parekh. He replaced UB Pravin Rao in January this year.
The tech major posted 28 percent decline in net profit when compared to the net profit of Rs 5,129 crore posted in December quarter. However, its net profit rose to Rs 3,690 crore in the three months ended March 31, from Rs 3,603 crore in the same period last year.
"I am pleased with our healthy revenue growth, profitability, and cash generation in Q4. Our robust performance is a reflection of the strong impact we have with our clients and the dedication of our employees. 'Navigating Your Next' is our aspiration of how we will partner with each one of our clients," said Salil Parekh, CEO said in the company statement.
"We will execute our strategy around the four pillars of Scaling our Agile Digital business which is today US$2.79 billion in revenue, Energizing our client's Core technology landscape via AI and automation, Re-skilling our employees, and Expanding our localization in markets such as US, Europe, and Australia," he added.
Ahead of the declaration of Q4 results, shares of the company were trading in the green. It was up 0.50 percent in the stock market. Also, Infosys stocks were among the most actively traded stocks on the Nifty including TCS, followed by State Bank of India, Infosys, Reliance Industries and ICICI Bank.
The Infosys shares opened Friday at Rs 1,174.50 against the previous close of Rs 1,162.25, the stock further gained 1.35 percent to Rs 1,177.95 on the Bombay Stock Exchange (BSE).
On the National Stock Exchange (NSE), the stock went up by 1.33 percent to Rs 1,178.15.
Earlier analysts predicted that with improving economic outlook in key markets like the US and higher adoption of outsourcing in Europe and digital services gaining scale the fiscal year 2018-19 looks better for Indian IT companies.
