Friday, 19 January, 2018

Infosys Q3 profit up 38.3%

Infosys Q3FY18 net profit grows 38% at Rs 5,129 crore Infosys reports a whopping 38% year-on-year rise in consolidated net profit. Image source Reuters
Ivan Hill | 13 January, 2018, 02:06

Profits for the three months ended December 31 rose to Rs 5,129 crore from Rs 3,708 crore for the year-earlier period, Infosys, which counts JP Morgan Chase, Bank of America, Citigroup, Vodafone, BP Plc and Johnson Controls among its clients, said in a press release on Friday.

Infosys, the country's second-largest software maker, has recorded a 37.6 percent growth in net profit in the October-December quarter aided by a revival in the demand environment and a one-time tax reversal. Revenues of the Bengaluru-headquartered company at Rs 177.9 billion grew 6.5 per cent, on the back of improved staff utilisation and higher growth from digital deals, in a traditionally weak quarter ending December 31.

The financial services sector, which contributes over a quarter of its revenues, witnessed muted growth in the three months to the end of December, said Pravin Rao, chief operating officer of Infosys.

The company's revenue, in dollar terms, has grown by 1% on quarter and 8.0% on year.

Post the release of the results for the third quarter (Q3) of the current fiscal, Infosys CEO Salil Parekh on Friday highlighted the presence of a number of opportunities to builder a "stronger Infosys". As a result, the current tax expenses reduced to Rs 144 crore from Rs 1,471 crore, sequentially.

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The IT major has retained its full-year revenue growth guidance in constant currency terms at 5.5-6.5 percent and also maintained its EBIT margins at 23-25 percent.

The company also had written down an unspecified amount invested in its innovation fund investment DWA Nova LLC, which impacted its net profit by $11 million (Rs 70 crore). Under the guidance of Salil Parekh, the new CEO, the company is growing at a phenomenal rate.

He said that building on strategy initiated by Infosys Chairman Nandan Nilekani, the company is conducting a review structured around four dimensions, namely, new market opportunities, client relationships, people, and service offering portfolio.

The Infosys senior management however, said Murthy's decision to make a move was for personal reasons and should not be read into too much. "Our cash generation continued to be robust during the quarter." said M.D. Ranganath, CFO.

Parekh, 53, joined the company on January 2 as the second non-promoter CEO and Managing Director after its first non-founder executive Vishal Sikka quit in August. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".

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