Published: Fri, January 12, 2018
Finance | By Loren Pratt

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

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

IT major Infosys is scheduled to announce Q3 December 2017 results today, 12 January 2018.

Ahead of the results, Infosys' shares ended 0.3% higher in Mumbai trading in line with a similar increase in benchmark S&P BSE Sensex.

Profit rose to 51.29 billion rupees ($805.94 million) in the three months ended December 31 from 37.08 billion rupees in the year-ago period, Infosys said on Friday.

Infosys said that during December 2017 quarter, it had signed an Advance Pricing Agreement with the United States administration that had led to reversal of income tax expense provision of Rs 1,432 crore.

The company reported a total revenue of Rs 17,794 crore for the October-December 2017 quarter, up by 1% from the Rs 17,567-crore revenue in the previous quarter.

The profit rise was due to the conclusion of the Advance Pricing Agreement, which had a positive impact on consolidated basic earnings per share in the quarter by about 6.29 rupees. Infosys is expected to maintain its FY18 revenue guidance at 5.5-6.5 per cent in constant currency.

In August, Infosys saw a massive leadership change after the then Chief Executive Vishal Sikka abruptly quit amid simmering tensions with company co-founder N.R. Narayana Murthy.

In his first media interaction after taking charge as Infosys CEO and MD on January 2, Parekh on Friday said that his immediate priorities would include connecting with employees and clients to build a "roadmap for future" that will be announced in April. ".Our Q3 performance is strong".

Consolidated revenue, however, grew 8 per cent annually to $2,755 million from $2,551 million in the like period year ago but remained flat (1 per cent) sequentially from $2,728 million a quarter ago.

Highlighting the emergence of technology in terms of Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), Salil said Infosys is progressing towards stability and is "ready to serve clients in the new areas of demand".

Meanwhile, Rajesh K. Murthy, President, has resigned from the company citing personal reasons.

India's second-biggest IT services exporter Infosys Ltd posted third-quarter profit well above estimates, helped by tax benefits from the firm's deal with the US Internal Revenue Service (IRS).

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