Information Technology giant Infosys on Friday reported a net profit of Rs 3,690 crore – a rise of 2.4% – in the fourth quarter, compared to Rs 3,603 crore in the same period in 2017. The quarter ending March 31 was the first full quarter for Infosys under its new Chief Executive Officer Salil Parekh.

However, the company reported a 28.2% quarter-on-quarter drop in profit. It had reported a net profit of Rs 5,129 crore in the quarter that ended on December 31, 2017.

The company also said its revenues grew 5.6% to Rs 18,083 crore in the fourth quarter of 2017-’18 against Rs 17,120 crore in the same period last year.

“I am pleased with our healthy revenue growth, profitability, and cash generation in Q4,” Parekh said in a statement. “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.”

He further said that the company will execute its strategy around the four pillars – scaling their digital business, teaching new skills to their employees, expanding localisation in United States, European and Australian markets, and energizing client’s core technology landscape via Artificial Intelligence and automation.

The company reported a loss of Rs 118 crore in respect of its Israeli subsidiary Panaya for the quarter. Infosys said it is looking for potential buyers for Panaya and another subsidiary, Kallidus and Skava. The transactions are expected to be completed by March 2019, it said.