Infosys to acquire German R&D services provider in-tech
Infosys has recommended a dividend of Rs 28 per equity share on Thursday. The companys revenue for the January-March quarter declined 2.1 per cent sequentially. However, it stood flat on a year-on-year basis, with a growth of just 0.2 per cent.
Bengaluru-headquartered IT major Infosys announced on Thursday, April 18, that it has signed an agreement to acquire in-tech, a leading engineering R&D services providing company focused on the German automotive industry, according to a stock market disclosure.
The deal which is subject to customary closing conditions and regulatory approvals, is expected to close during the first half of fiscal 2025, Infosys said in a BSE disclosure.
Meanwhile, the IT firm also announced its results for the fourth quarter of the financial year 2024 which ended on March 31, 2024.
German company in-tech develops solutions in e-mobility, connected and autonomous driving, electric vehicles (EVs), off-road vehicles, and railroads. The firm offers e-system design, methodical consulting, advanced electronics platform development and validation of automotive-specific software and hardware systems, infotainment, and experience validation.
Commenting on the acquisition agreement, Dinesh Rao, EVP & co-delivery head of Infosys, said, " Together with in-tech, Infosys Topaz, an AI-first set of services, solutions, and platforms, and recently acquired InSemi’s semiconductor expertise, we have successfully created deeper capabilities for the next phase of automotive innovation in the arena of software-defined vehicles."
A look at Infosys' Q4FY24 results
Infosys' revenue for the January-March quarter declined 2.1 per cent sequentially. However, it stood flat on a year-on-year basis, with a growth of just 0.2 per cent.
The revenue for the period stood at $4564 million, flat year-on-year and a decrease of 2.2 per cent sequentially in constant currency. Large deal TCV for the quarter was $4.5 billion, with 44 per cent being net new.
The consolidated net profit at the concern also came in higher than the Street estimates at Rs 7,969 crore, registering 30.5 per cent growth. Read More here
Infosys' Q4 dividend
Infosys has recommended a dividend of Rs 28 per equity share on Thursday. The company, in an exchange filing, said that its board of directors has recommended a final dividend of Rs 20 per equity share and a special dividend of Rs 8 per equity share. Know more
Meanwhile, shares of Infosys last traded at Rs 1420.55 each, up 0.41 per cent or Rs 5.80 apiece on BSE today. Know more
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