Information technology giant Infosys on Thursday said it had reported a consolidated net profit at Rs 3,603 crore for the fourth quarter that ended in March 2017. As compared to the last quarter that ended in December 2016, the company reported a drop of 2.8%. The shares of Infosys traded 2.5% lower after the announcement of its Q4FY17 results on Thursday in early trade.
The company said it had reported a marginal gain of 0.2% in the net profit compared to the same period in 2016. Revenue for the quarter ending March 2017 was at Rs 17,120 crore, growing 3.4% as compared to Rs 16,550 crore in the same period last year. The total revenue at the end of this fiscal year stood at Rs 68,484 crore registering a growth of 9.7%. The net profit of the year was Rs 14,353 crore, the company said.
The Bengaluru-based company announced a dividend of Rs 14.75 per share, and said it will also pay up to Rs 13,000 crore to shareholders in the 2017-2018 financial year by the way of dividend or share buyback. The company said it expects the revenue to grow 6.5% to 8.5% in constant currency dollar by March 2018, which is lower than the industry expectations of 7% to 9%, reported Business Standard.
“Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance,” Infosys Chief Executive Officer Vishal Sikka said according to PTI.
On Thursday, Infosys also appointed Ravi Venkatesan as a co-chairman of its board. Venkatesan, a former head of Microsoft India, was working with Infosys as an independent director since April 2011.