Infosys Q3 profit up 38.3%

13 January, 2018, 02:08 | Author: Eleanor Thompson
  • Salil Parekh new CEO of Infosys

Infosys, India's second-biggest software services provider by revenues, has reported a 38.3 per cent growth in its fiscal third quarter net profit even as it retained its full-year sales forecast, after growing revenues by 1 per cent for the three months ended 31 December.

It had posted a net profit of Rs 3,708 crore in the year-ago period, as per IFRS accounting norms, Infosys said in a BSE filing.

Consolidated revenue came stood at Rs 17,729 crore, witnessing sequential rise of 2.63% as against Rs 17,273 crore a year ago in the same period. Revenue reported was United States dollars 2,755 million, thus reporting quarterly growth of one percent in reported terms.

Investors and market watchers are expecting to hear from Infosys' new CEO Parekh on his strategy to spur growth for the company that is trying to put behind the nearly year-long public standoff between its high-profile promoters and the past leadership.

In rupee terms, there was a growth of 1.3%.

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The company bought back shares worth Rs 13,000 crores.

"On account of the conclusion of an APA (Advance Pricing Agreement) with the US Internal Revenue Service during the quarter, net profit for Q3 increased", it added in the statement.

The 38.3 percent jump was largely due to a $225 million (Rs 1,432 crore) tax reversal in the United States, the company's biggest market. The company's net profit also rose 38.3% in the third quarter of 2017-'18 compared to that in the third quarter of 2016-'17.

The company also earned $31 million (Rs 198 crore) from interest on income tax refund for the quarter.

Infosys said it has completed the previously announced shareholder consultation. Said Salil Parekh, the newly-appointed CEO and MD.

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"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", he said.

M.D. Ranganath, CFO said operating margins were stable due to broad-based improvement in operational efficiency parameters.

"Increased adoption of our digital offerings and new services helped stabilise" billing rates, COO Pravin Rao said in the press release.

"Our cash generation continued to be robust during the quarter". "We successfully executed the share buyback of Rs13,000 crore in line with our capital allocation policy".

Asked how he will build a strong relationship with the company's founders in the wake of previous CEO Vishal Sikka's exit on an unpleasant note, Parekh said, "This is a phenomenal company started by people who had tremendous vision".

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