Zczc
BCN-16
INDIA-INFOSYS-IT-TCS-EARNINGS-SOFTWARE
India’s Infosys reports 3.7 percent profit rise, misses estimates
MUMBAI, July 14, 2018 (BSS/AFP) – Infosys on Friday reported a 3.7 percent
rise in quarterly profits, well below expectations for the Indian software
giant.
Net profit in the three months to June 30 came in at 36.12 billion rupees
($527.49 million), marginally above the 34.83 billion rupees it reported in
the same period last year.
A Bloomberg survey of analysts had forecast the Bangalore-based company to
report net profit at $546 million.
Infosys said its profits were impacted by ongoing negotiations over the
sale of its Israeli software firm Panaya.
India’s second-largest software services exporter maintained its annual
earnings outlook at six to eight percent in US dollar terms for the fiscal
year 2019, and reported robust growth in its financial services segment.
Infosys shares had risen more than 1 percent earlier in the day, buoyed by
optimistic forecasts after its rival Tata Consultancy Services reported a 24
percent rise in profits earlier this week.
India’s $150 billion IT sector has long been one of its flagship industries
but is facing upheaval in the face of automation, a failure to keep up with
new technologies and visa restrictions.
Infosys reported a 12 percent rise in revenue for the quarter-ended June to
191.28 billion rupees from 170.78 billion rupees reported for the same period
last year.
BSS/AFP/HR/1030