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%.

UCF fans fund billboard challenging Alabama to a battle of national champions
Meanwhile, Alabama knocked off Georgia in the College Football Playoff title game to win the actual national championship. So what did Alabama head coach Nick Saban think about it? "I mean, I'm fine with it", he went on.

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.

Three major arguments happening around the Hollywood pay gap, explained
Apparently Williams didn't know that Wahlberg was getting such a good pay cheque for the reshoots. He asked his primary agent, Doug Lucterhand, to push for more money .

"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".

Google quietly purchased a United Kingdom sound tech startup
Redux's breakthrough technology transforms the User Experience by bringing surfaces to life with Sound and Touch. Google ( GOOG , GOOGL ) acquired a United Kingdom speaker tech startup late past year for undisclosed terms.

Recommended:



Popular

Tamil Nadu Assembly session to begin from Jan 8
Following the strike, the Madras High Court issued orders on January 5 and January 7 demanding that protesters return to work. Palaniswamy said the dues of retired transport workers would be cleared in a few days, and requested workers to resume work.

Seoul Won't Renegotiate Sex Slaves Deal with Tokyo
According to Moon, the issue can be completely resolved when Japan accepts the truth and makes an apology to the victims.

Multistate outbreak of E. coli O157:H7 infections
Health officials, Behm said, take action when there is clear and convincing information linking illness to a contaminated food. This is about the same timing of an outbreak of E. coli in Canada, which health officials declared over on Wednesday.

Confirmed: Less face time for brands and media on Facebook Newsfeed
Facebook constantly tweaks its computer algorithms to maintain interest in its news feed, the company's main attention-getter. Pages whose posts prompt conversations between friends will see less of an effect", the blog post added.

Broncos not among teams that will play in London in 2018
The NFL will reduce its presence in London by one game in 2018, from four to three, the league announced Thursday morning. Even the chief executive of England's Football Association pointed out the benefits of having NFL games in London.

WhatsApp group chats can be infiltrated without admin permission
It could even prevent any administrator's attempt to remove the eavesdropper from the group if discovered", Rösler said. As a result, any potential flaw that impacts WhatsApp's privacy is cause for concern.

How Seth Meyers Made Lemonade Out of Lemons at the Golden Globes
Said one source, "There's a rumor that the Hollywood Foreign Press Association is having Harvey come to apologize". Billy Eichner then cracked that Kevin Spacey said, "You lost me when you said 'of age'".

CES 2018: Acer Chromebook 11 With USB-C Port Launched
The sizes of the screens will be 14-inches for the Chromebook 14 G5 and 11.6-inches for the Chromebook 11 G6. Out of the box you'll have support for Android apps, along with the regular Chrome apps and extensions.

Egypt Slams NYT Report About Jerusalem Position
The White House said Pence will address the need to combat terrorism and help persecuted religious minorities. Before Trump's announcement, Abbas was scheduled to meet with Pence in the biblical town of Bethlehem.

NAACP to protest Trump at national championship
Jesse Jackson says the halftime song at the College Football Championship game should be "We Shall Overcome". But the president's eldest son Donald Trump Jr. denied there had been any jeering.