Infosys Q2FY24 Consolidated Net Profit Increases To ₹6,245 Cr ; Announces Dividend Of ₹18 Per Equity Share

Infosys Q2FY24 Consolidated Net Profit Increases To ₹6,245 Cr ; Announces Dividend Of ₹18 Per Equity Share

Based on the recommendation of the Nomination and Remuneration Committee, considered and approved the appointment of Nitin Paranjpe , as an additional & independent director effective January 1, 2024, for a period of 5 years, subject to the approval of shareholders.

FPJ Web DeskUpdated: Thursday, October 12, 2023, 04:54 PM IST
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Infosys Q2FY24 Consolidated Net Profit Increases To ₹6,245 Cr ; Announces Dividend Of ₹18 Per Equity Share | Image: Infosys (Representative)

Infosys Limited on Thursday announced the audited consolidated financial results of the Company and its subsidiaries as per Indian Accounting Standards (INDAS) for the quarter and half year ending September 30, 2023; the audited standalone financial results of the Company as per INDAS for the quarter and half year ending September 30, 2023; and d the audited financial statements of the Company and its subsidiaries as per INDAS and IFRS for the quarter and half year ending September 30, 2023, the company announced through an exchange filing.

Consolidated Q2FY24 Results

Total Income: Rs 39,626 crore vs Rs 37,122 crore YoY

Total Expense: Rs 30,858 crore vs Rs 28,731 crore YoY

Net Profit: Rs 6,215 crore vs Rs 6,026 crore YoY

Audited results of Infosys

Total Income: Rs 33,979 crore vs Rs 32,834 crore YoY

Total Expense: Rs 25,462 crore vs Rs 24,346 crore YoY

Net Profit: Rs 6,245 crore vs Rs 6,253 crore YoY

Dividend

Infosys has declared an interim dividend of Rs 18 per equity share carrying a face value of Rs 5 each. It has fixed October 25, 2023, as the record date for the interim dividend and November 6, 2023, as the payout date.

Appointment of an independent director

Based on the recommendation of the Nomination and Remuneration Committee, considered and approved the appointment of Nitin Paranjpe , as an additional & independent director effective January 1, 2024, for a period of 5 years, subject to the approval of shareholders.

Extension of Joint Venture Agreement

Based on the recommendation of the Audit Committee, considered and approved a five-year extension of its successful joint venture collaboration with Temasek, a global investment firm headquartered in Singapore.

Stock grants

Based on the recommendations of the Nomination and Remuneration Committee, approved one-time grant of 1,231,260 RSUs under the 2015 Stock Incentive Compensation Plan (2015 Plan) and 500,250 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to Senior Management Personnel including Key management personnel as defined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and other Senior leaders.

The grants made under the 2015 Plan would vest over a period of three years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2023 and the exercise price will be equal to the par value of the share.

Further, the Board on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 34,390 RSUs to few new hires under the 2015 plan w.e.f November 1, 2023. The RSUs will vest over a period of three to four years.

Policies

Based on the recommendation of the Nomination and Remuneration Committee, considered and approved adoption of the Compensation recovery policy as required under Section 10D of the U.S. Securities Exchange Act of 1934 (the Exchange Act), with Exchange Act Rule 10D-1 and with the listing standards of the New York Stock Exchange.

Infosys Limited shares

The shares of Infosys Limited on Thursday at 3:30 pm IST closed at Rs 1,452.30, down by 2.82 percent.

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