Infosys Shares Rise After Buyback Announcement, Q2 Results

New Delhi: Infosys’ share price rose about 5 percent on Friday, a day after the company announced buyback plans and posted a better-than-expected 11 percent jump in its consolidated net profit. On the BSE, Infosys stock traded 4.86 percent higher at Rs 1488.70 at 10:16am.

Trading in Infosys shares started sharply higher at Rs 1487.70 from the previous day’s close at Rs 1419.75. The price rose to a high of Rs 1490 during the day. Infosys shares rose after the Q2 results announcement.

The Infosys board of directors, at its meeting here on Thursday, approved the repurchase of shares, from the open market route through the Indian exchanges, amounting to Rs 9,300 crore (maximum redemption fee, excluding redemption tax) at a price not exceeding Rs 1,850 per month. share (maximum purchase price), subject to shareholder approval.

The board of directors also approved an interim dividend of Rs 16.50 per share versus FY 22 interim dividend of Rs 15. The total amount of the interim dividend will be approximately Rs 6,940 crore. India’s second-largest IT services company said its consolidated net profit rose 11.1 percent year-on-year to Rs 6,021 crore for the second quarter of the current fiscal year, compared to Rs 5,421 core recorded in the corresponding period of the previous year.

The company’s revenue increased by 23.4 percent to Rs 36,538 crore for the quarter ended September 30, 2022, compared to Rs 29,602 crore in the corresponding quarter of the previous year. Subsequently, Infosys’ revenue grew 6 percent, while net profit rose 12.3 percent year-on-year in the quarter under review.

Infosys released its financial results on Thursday after the close of trading for the day “business transformation,” Infosys chief executive and general manager Salil Parekh said in a statement released Thursday.

“While concerns about the economic outlook remain, our demand pipeline is strong as customers remain confident in our ability to deliver the value they seek, both for the growth and efficiency of their business. This is reflected in our revised revenue forecast of 15-16 percent for FY 23,” Parekh said. According to Infosys’ regulatory filing with the exchanges, the company’s year-over-year growth in all business segments was in double digits in constant currencies.

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