Infosys Q2 PAT seen up 10.6% QoQ to Rs. 5,928, declares dividend at Rs. 16.50, buyback at Rs. 1850 per share

Infosys stated on Thursday that its consolidated revenue for the September quarter increased by 23.4% year over year to Rs 36,538 crore. The net profit increased 11% to Rs 6,021 crores.

In Europe, the company experienced a 30% growth, and in the US, a 15% growth. Parekh responded that Infosys is vigilant given the current situation when asked about the company’s assessment of the circumstances in the US and Europe. Infosys net added 10,032 employees in the September quarter. The net additions in Q2 were far lower than the net additions of 21,171 in Q1.

Infosys also approved the buyback proposal for its own fully paid-up equity shares of the face value of ₹5 each from the company’s equity shareholders. The buyback proposal is aggregated to ₹9,300 crore. The board has also fixed the buyback price at a premium of ₹1,850 per share. The buyback will be carried through the open market route. Under the proposed buyback, the maximum number of shares to be bought back would be 50,270,270 equity shares. Notably, if the equity shares are bought back at the price below the maximum buyback price which is ₹1,850 apiece, then the actual number of equity shares bought back could exceed the maximum buy shares but will always be subject to the maximum buyback size of ₹9,300 crore.

The Infosys board also approved an interim dividend of 16.50 per equity share in addition to the buyback. The company has set October 28 as the dividend record date and November 10, 2022, as the payment date.

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