Infosys To Consider Share Buyback Proposal On Oct 13 — Here’s What Investors Should Know

Infosys will also declare its financial results for the September quarter (Q2FY23) on the same day ie on Thursday. The company's board will also consider its first interim dividend for FY23.

Infosys

New Delhi: IT services company Infosys Ltd will consider a buyback proposal at its board meeting on October 13, the company informed the stock exchanges.

"Pursuant to Regulation 29(1)(b) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations"), the Board of the Company will consider a proposal for buyback of fully paid-up equity shares of the Company at its meeting to be held on October 13, 2022, in accordance with the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended," Infosys said in a filing.

Here's What Infosys Investors Need To Know

The outcome of the board meeting will be updated to the stock exchanges after the board meeting is concluded on October 13, the company said, according to the news agency PTI.

ALSO ON ABP LIVE | Nobel Prize 2022 In Economics: Ben Bernanke, Douglas Diamond, Philip Dybvig Are Winners 'For Research On Banks And Financial Crisis'

Infosys will also declare its financial results for the September quarter (Q2FY23) on the same day ie on Thursday. The company's board will also consider its first interim dividend for FY23.

Infosys paid a whopping 620 per cent equity dividend to its shareholders amounting to Rs31 per share for the financial year FY22, according to the publication Mint. For FY 23, the first interim dividend of Rs15 per share was announced on 13 October 2021, while the final dividend of Rs16 per share was declared on 13 April 2022.

Infosys has a dividend yield of over 2.1 per cent at the current market price.

In the first quarter, Infosys delivered a strong performance with year-on-year growth at 21.4 per cent and sequential growth at 5.5 per cent in constant currency.

Year-on-year growth was in double digits across all business segments in constant currency terms. Digital accounted for 61.0 per cent of overall revenues, growing at 37.5% in constant currency.

Net hiring was strong at 21,171. The operating margin for the quarter was 20.1 per cent, with Free Cash Flow conversion at 95.2 per cent of net profit.

On Monday, Infosys shares closed 0.95 per cent higher at Rs1,465.00 on the NSE. In the last one year, the scrip has fallen by 13.36 per cent. The company's market cap is around Rs6,10,871.36 crore.