Infosys, on Friday, announced that its net profit for the fourth quarter rose 2.4% to ₹ 3,690 crore compared with the same period last year.
Sequentially, the net profit declined 28.1%, according to a company filing with the BSE. The Q3 net profit included a positive impact of ₹1,432 crore on account of a conclusion of an advanced pricing agreement with the U.S. IRS.
The Bengaluru-based company, which faced a spat between its founders and the board during the just-ended financial year, reported that its full-year net profit rose 11.7% to ₹ 16,029 crore.
The company has forecast its revenue to grow at 6-8% in constant currency and 7-9% in dollar terms for the financial year 2018-19.
Salil Parekh, chief executive officer and managing director of the company, took charge from interim CEO U.B. Pravin Rao on January 2. He is the second non-promoter CEO of the company after Vishal Sikka, who resigned on August 18 after founders accused the board of poor corporate governance.
Infosys, in the meanwhile, has entered into a definitive agreement to acquire WongDoody Holding Company, a U.S.-based digital creative and consumer insights agency, for up to $75 million.
The company has also initiated an identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava and Panaya. The company anticipates completion of the sale by March 2019. “The corresponding write down in the investment value of Panaya in the standalone financial statements of Infosys Ltd. is ₹ 589 crore.”
Infosys co-founder N.R. Narayana Murthy had earlier sought that a probe report on alleged irregularities in the over the $200 million acquisition of cloud solutions start-up Panaya be made public.
The Infosys board also appointed Kiran Mazumdar-Shaw, independent director, as the lead independent director of the board.
‘Navigating Your Next’ is our aspiration of how we will partner with each one of our clients.” said Mr. Parekh. “We will execute our strategy around the four pillars of scaling our agile digital business which is today $2.79 billion in revenue, energising our client’s core technology landscape via AI and automation, re-skilling our employees, and expanding our localisation in markets such as US, Europe, and Australia,” he added.
