Infosys share buyback as profits slide

MUMBAI (AFP) – India’s second-largest software exporter Infosys reported last Friday a 30 per cent fall in quarterly profits amid seasonal weakness in the IT sector and mounting expenses.

The Bangalore-headquartered company also announced board approval for the buyback of shares worth INR82.60 billion (USD1.184 billion) and raised its revenue forecast for the current financial year.

“We had another strong quarter in our digital business with 33.1 per cent growth and large deals at USD1.57 billion which gives us confidence entering 2019,” chief executive Salil Parekh said in a statement.