Infosys net profit up 3.7% in Q1; announces 1:1 bonus share

New Delhi, Jul 13: IT major Infosys reported a consolidated net profit of Rs 3,612 crore in Q1, up 3.7 per cent. The company’s revenue from operations increased 12 per cent to Rs 19,128 crore.
The IT firm’s board has approved issuance of one free share for every share held (1:1 bonus issue). The board also appointed Michael Gibbs as an independent director effective from July 13 for a period of 3 (three) years, subject to the approval of the shareholders.
Analysts polled by news agency Reuters had expected a net profit of Rs 3,740 crore.
Infosys had reported a net profit of Rs 3,690 crore, up 2.4 per cent, in the previous quarter on year-on-year (yoy) basis.
Investors were keen on the company’s scorecard for the June quarter and its take on the demand environment for tech services. The management’s narrative and operational strategy in the backdrop of governance-related issues were also watched.
On the sidelines of Infosys’ 37th annual general meeting (AGM) non-executive Chairman Nandan Nilekani had said, “The shareholders keep on raising such issues from time to time and the company will deal with them. We are focused on our business and customers.”
Shares of the company finished 1.12 per cent higher on the BSE and closed 2.21 per cent up on NSE.
Rival TCS (Tata Consultancy Services) had set the tone higher as it reported a record net profit of Rs 7,340 crore in the quarter to June 30, compared with Rs 5,945 crore a year earlier.