Infosys on Friday reported 6.1% hike in their net profit for the second quarter of the financial year. While the company recorded a net profit of Rs 3,398 crore for the same period last financial year, it made a profit of Rs 3,606 crore this year.
The multinational company fared better than the expected net profit of Rs 3,526 crore by market experts. For the June quarter, the company's net profit was Rs 3,436 crore – up by 4.94%. The board of the company announced an interim dividend of Rs 11 an equity share.
The company slashed its revenue growth target for the current financial year to 8%-9% from the 10.5%-12% it had announced in July. This is the second time in three months that Infosys has revised its target. In April, the company said its revenue target was 13.5%.
Chief Executive Officer Vishal Sikka (pictured above) said the revision was based on the company's "performance in first half of the year and the near-term uncertain business outlook". He said the company has added 78 new clients in the past three months. Infosys shares were trading at Rs 1,027.20, down by 2.3% on the Bombay Stock Exchange on Friday, reported Business Line.
On the same day, the company revised the salaries of its top leadership, including Chief Operating Officer UB Pravin Rao and Chief Financial Officer MD Ranganath, among others, PTI reported. The new salaries will be effective from November 1, 2016. Infosys also inducted Surya Software Systems founder, DN Prahlad, as an independent director on its board.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!