Infosys, country’s second largest IT company, on Thursday reported a net profit of Rs 3,603 crore for the quarter ended March 31, 2017, showing a Quarter on Quarter (QoQ) decline of 2.8%.
The net profit stood at Rs 14,353 crore for the year ended March 31, 2017, showing a Year on Year (YoY) growth of 6.4%.
Revenues of the company stood at Rs 17,120 crore for the quarter, showing a QoQ decline of 0.9%.
Operating profit stood at Rs 4,212 crore for the quarter ended March 31, 2017, with QoQ decline of 2.8%.
On the yearly basis, the company’s revenues stood at Rs 68,484 crore for the year ended March 31, 2017, with a YoY growth of 9.7%, while the operating profit jumped by 8.2% to Rs 16,901 crore.
On the guidance front, company said that its revenues are expected to grow 2.5%-4.5% in INR terms, for year ended March 31, 2018, based on the exchange rates as of March 31, 2017.
New Appointment
In a move that is seen as a step to iron out differences with co-founders of the company, its board, at its meeting held on April 13, 2017 appointed Ravi Venkatesan, Independent Director as Co- Chairman of the Board.
Venkatesan is the Chairman of the Board at Bank of Baroda, as well. He is also the founder Chairman of Social Venture Partners India, a partner at Unitus Seed Fund and a fund advisor at Kalaari Capital.
“Ravi will help me enhance the board engagement in supporting the Management in execution of company’s strategy”, said R. Seshasayee, Chairman of the Board.
“This is an exciting time for the technology industry and I am delighted to have the opportunity to work more closely with Sesh and with Vishal and his leadership team in their transformational journey”, said newly appointed Ravi Venkatesan, Co-Chairman.
