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Infosys Q1 net grows 52 to 3802 cr increases revenue guidance to

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first_imgNew Delhi: The country’s second-largest IT services firm Infosys Friday reported 5.2 per cent growth in consolidated net profit to Rs 3,802 crore for the quarter ended June 30, 2019. It had posted a net profit of Rs 3,612 crore in the April-June 2018 quarter, Infosys said in a BSE filing. Revenue from operations of the Bengaluru-based firm grew 13.9 per cent to Rs 21,803 crore in the June 2019 quarter, compared to Rs 19,128 crore in the year-ago period, it added. Also Read – Maruti cuts production for 8th straight month in SepInfosys has increased its revenue growth guidance for FY20 to 8.5-10 per cent in constant currency. In April quarter, Infosys had said it expects a revenue growth of 7.5-9.5 per cent in FY 2019-20. “We had a strong start to FY’20 with constant currency growth accelerating to 12.4 per cent on year over year basis and digital revenue growth of 41.9 per cent. This was achieved through our consistent client focus and investments which have strengthened our client relationships,” Infosys CEO and Managing Director Salil Parekh said. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsHe added that the company has consequently raised its revenue guidance for the year from 7.5-9.5 per cent to 8.5-10 per cent. In US dollars terms, Infosys net profit grew to $546 million in the June quarter from $534 million in the year-ago period, while revenues rose to $3.13 billion as against $2.83 billion. The company noted that its current policy entails paying up to 70 per cent of the free cash flow annually by way of dividend and/or buyback. The Board has reviewed and approved a revised Capital Allocation Policy after taking into consideration the strategic and operational cash requirements, it said. “Effective from Financial year 2020, the company expects to return approximately 85 per cent of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and/or share buyback and/or special dividends, subject to applicable laws and requisite approvals, if any,” it added. The results were announced after the market hours. Infosys shares closed marginally higher at Rs 727.10 apiece on BSE.last_img read more

Ottawa posts 32 billion deficit for October as new tax credits weigh

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OTTAWA — The federal government said Monday it posted a deficit of $3.2 billion in October due in large part to its new income-splitting plan for families and the doubling of the children’s fitness tax credit.The result for the month compared with a deficit of $2.5 billion in October 2013.The tax changes resulted in a $1.6-billion adjustment to revenue and, without that, Ottawa would have posted a deficit of $1.6 billion for October.The Harper government announced in October it would go ahead with income-splitting plan for couples with children as well as higher child-care benefits.The income splitting plan has been sharply criticized by the opposition who say the $2-billion-a-year program would only benefit about 15 per cent of Canadian households.For October, the Finance Department said revenue was down by $200 million or 0.9 per cent compared with a year ago due to the tax changes, partially offset by increased corporate income tax revenue.Income splitting not the only good tax news for Canadians this weekCanada’s current account deficit shrinks to six-year low in latest sign economy is picking up speedProgram spending for the month was up by $600 million or 3.1%, while public debt charges decreased by $100 million or 3.4%.In its fall economic update, the federal government said last month it expected to post a deficit of $2.9 billion for 2014-15 and a $1.6-billion surplus in the 2015-16 fiscal year.Prime Minister Stephen Harper has said the falling price of oil will reduce some federal fiscal flexibility, but that it will balance the budget next year.For the current fiscal year to date, the government posted a deficit of $4 billion, compared with  a deficit of $12.8 billion in the same period a year ago.Revenue for the period from April to October increased $5.3 billion, or 3.7%, to $150.3 billion while program spending fell $3.2 billion, or 2.3%, to $137.7 billion. Public debt charges dropped to $16.5 billion from $16.9 billion for the comparable seven-month periods. read more

A summary report on the Oct 7 senate meeting

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Click here for the summary report on the Senate 633 Meeting held Wednesday, Oct. 7.