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Infosys declared Buyback, Dividend

Infosys, the country’s second-largest software exporter, surged 5% on Friday after the IT behemoth announced more than 12% increase in net profit for the September quarter and an Rs 9,300 crore share repurchase.  On the back of big deals, the consolidated net profit increased to Rs 6,021 crore from Rs 5,360 crore in the preceding quarter. The company’s operating revenue increased by 23.4% year on year to Rs 36,538. In constant currency terms, its revenue increased by 18% annually, respectively. In Dollar terms, the company recorded revenue of $4,555 million, representing a 13.9% increase year over year. The operating margin for the quarter was 21.5 percent, up from 20.1 percent in the previous quarter. Infosys raised its FY23 revenue projection to 15%-16% and its operating margin guidance to 21%-22%.

The company has declared a buyback of 50,270,270 equity shares. The buyback is being done at the premium to market price and will not exceed Rs 1,850 per equity share. The stock closed at Rs 1477 at market close on Friday.

Infosys has also declared 28 October, 2022 as the record date for determining who is eligible to collect the dividend amount. The total amount of interim dividend will be amounting to Rs 6,940 crore. The interim dividend of Rs 16.50 per share, an increase of 10 per cent over FY22 interim dividend will be paid on November 10th, according to the firm.

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