Will stay connected with founders: Infosys CEO

Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal

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 past year, Infosys said in a filing to the stock exchanges. Analysts at HDFC Securities projected profits of Rs 5,182 crore, including the tax reversal, which implies they expected Infosys to report profit growth of 1 percent, excluding the tax reversal component.

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. Sequentially too, revenue growth was flat (1 per cent) from Rs 17,657 crore quarter ago.

December-quarter sales rose 8 percent to $2,755 million from $2,551 million a year ago, and increased 1 percent from the previous quarter.

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

The revised outlook in rupee terms is lower than 3-4 per cent given on October 24 when dollar was Rs 65.29 on September 30 and 3-5 per cent on July 14 with dollar at Rs 64.58 on June 30. Operating margin improved by 10 bps during the quarter at 24.3 per cent, ahead of expectations.

Infosys reported a rise in net profit of 38.3 percent from a year earlier to 51.29 billion rupees ($806 million) for the quarter to December 31, way above analysts' estimates. 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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Commenting on the Q3 earnings, Salil Parekh, CEO and MD of Infosys, said: "It is a privilege for me to be appointed as the CEO & MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities".

Parekh, who is only the second outsider to lead the Bengaluru-headquartered company, said the market offered tremendous opportunities in newer areas such as data, analytics, machine learning and artificial intelligence.

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

"Our cash generation continued to be robust during the quarter".

"Increased adoption of our digital offerings and new services helped stabilize price realisation. We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy", he added. Rao had served as interim CEO between August and January as Co-founder Nandan Nilekani, who returned to Infosys as non-executive chairman after Sikka quit, led the search for a new permanent CEO.

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