India's second-largest IT services company Infosys reported a slightly higher-than-expected fourth-quarter profit as the company added more clients in the $100 million-plus category.
Consolidated net profit for the Bengaluru-based company rose 0.2 per cent to Rs 3,603 crore ($557.01 million) in the quarter, while revenue grew 3.4 per cent to Rs 17,120 crore.
Analysts, on average, had expected Q4 consolidated profit of Rs 3,567 crore. The company, in the spotlight recently due to differences between founders and board members over governance issues, has beaten analysts' profit estimates in seven of the last nine quarters.
Infosys will also pay up to Rs 13,000 crore to shareholders during 2017-18 by way of dividend and/or share buyback. It has named Independent Director Ravi Venkatesan co-Chairman of the company.
The company expects its 2017-18 revenue to grow between 6.1 per cent and 8.1 per cent in dollar terms and 6.5-8.5 per cent in constant currency terms.
On a sequential basis, Infosys' net profit fell 2.8 per cent while revenue declined 0.9 per cent.
Infosys CEO Vishal Sikka said, "Unanticipated execution challenges and distractions in a seasonally soft quarter affected our overall performance."
He added: "Looking ahead, it is imperative that we increase our resilience to the dynamics of our environment and we remain resolute in executing our strategy, path to transform Infosys and drive long term value for all stakeholders."
The board has recommended a final dividend of Rs 14.75 per share for 2016-17.
