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Infosys to grow 9% in FY 2019; net dips in Q4 (Lead)

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Bengaluru, April 13 (IANS) Global software major Infosys Ltd on Friday projected a robust revenue growth of 9 per cent in dollar terms for fiscal 2018-19 despite its net profit declining 28 per cent sequentially in the fourth quarter of 2017-18.

“Consolidated revenues are expected to grow 7-9 per cent in dollar terms and 8.2-10.2 per cent in rupee terms for fiscal 2018-19, said the city-based IT firm in a regulatory filing on the BSE.

The revenue guidance is based on US dollar rate of Rs 65.18 on March 31.

Operating margin is expected to be in 22-24 per cent range.

The outsourcing firm’s consolidated revenue for fiscal 2017-18 was Rs 70,522 crore in rupee terms and $10,939 million in dollar terms, which is 3 per cent and 7.2 per cent up over the corresponding revenues of 2016-17.

The company reported 28.1 per cent sequential decline in consolidated net profit to Rs 3,690 crore for the fourth quarter in rupee terms.

Consolidated revenue for the quarter under review was up 1.6 per cent sequentially to Rs 18,083 crore in rupee terms.

On yearly basis, net profit growth for Q4 was 2.4 per cent and revenue growth 5.6 per cent in rupee terms.

Under the International Financial Reporting Standards (IFRS) in dollar terms, consolidated net income also declined 28.1 per cent sequentially to $571 million but gross income was up 1.8 per cent sequentially to $2,805 million.

On yearly basis, net income, however, grew 5.3 per cent and gross income grew 9.2 per cent for the fourth quarter in dollar terms under the IFRS.

For the just-concluded fiscal (2017-18), consolidated net profit grew 11.7 per cent year-on-year to Rs 16,029 crore in rupee terms and 16.2 per cent to $2,486 million in dollar terms.

“Net profit for the year included positive impact of an advance pricing agreement with the US Internal Revenue Service in the third quarter,” said the company in a statement later.

Operating profit for the fourth quarter at Rs 4,472 crore grew 3.5 per cent sequentially and 6.2 per cent annually, while operating margin was up fractionally to 24.7 per cent from 24.3 per cent in the third quarter.

Operating profit for the fiscal at Rs 17,148 crore grew 1.5 per cent over last year, while operating margin for the year was 24.3 per cent.

Digital offerings contributed 25.5 per cent ($2.79 billion) to the annual revenue of $10,939 million.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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