Infosys Q3 net profit up 38.3%, revenue at Rs 17794 crore

Infosys new CEO Salil Parekh

Infosys new CEO Salil Parekh

The Bengaluru-based company has reported net profit of Rs 5,129 crore in the quarter ended December, 2017, up 38.3 per cent, compared to Rs 3,708 crore during the same period previous year, Infosys said in a filing to the stock exchanges.

Consolidated net profit for the three-month period ended 31 December 2017 was Rs5,129 crore, showing a growth of 38.3 per cent year-on-year and a 37.6 per cent growth sequentially.

Revenues were at Rs17,794 crore for the quarter ended 31 December 2017 while operating profit stood at Rs4,319 crore for the quarter, showing a 0.4 per cent decline year-on-year and a 1.7 per cent growth sequentially.

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

The comment comes as Infosys reports Q3 results that beat revenue estimates but missed on EPS.

Commenting on Infosys's profit rise, Sanjoy Sen, doctoral research scholar, Aston Business School, U.K., said: "The timing of the tax reversal has been immensely fortuitous for Infosys and made a significant difference between what would have otherwise been viewed as a mildly positive performance, as against a reasonably good performance with the ability to swing market sentiment in its favour". To indicate this, Infosys maintained it would end the financial year with growth of 5.5 to 6.5 per cent in revenue, in constant currency. 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.

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Addressing the first press conference post his appointment as CEO of the IT major, Parekh said the ongoing digital disruption has created a new opportunity for the company."While clients are facing digital disruption, we see an opportunity rising for us".

Chief Finance Officer M D Ranganath said that there has been 23 per cent growth in free cash flow over the last nine months.

COO Pravin Rao said: "Increased adoption of our digital offerings and new services helped stabilize price realization".

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

Recalling his pleasant interaction with the founders at the Infosys Prize event two days ago, Parekh said he would continue to have a cordial relationship with them. His predecessor Vishal Sikka quit late past year after a long-drawn public fued with Infosys' founders. "We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy", he added.

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