Infosys reports 37.6% rise in net profit in October-December 2017 quarter

Infosys reports 37.6% rise in net profit in October-December 2017 quarter

Salil Parekh, the new CEO of Infosys, took charge on January 2 for a five-year term, with the option of renewal of contract for three more years subject to approval of the shareholders.

Infosys shares today ended 0.26 per cent higher at Rs 1,078 on the BSE.

In dollar terms, TCS on Thursday reported a Q3 revenue of $4,787 million, up 1 per cent quarter-on-quarter and 9 per cent year-on-year.

India's second-biggest IT services exporter Infosys Ltd posted a 38.3 percent jump in third-quarter profit, helped by tax benefits from the firm's deal with U.S. Internal Revenue Service.

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.

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

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 sales growth outlook for FY2017-18 is 5.5-6.5 per cent.

Parekh's appointment came after the abrupt resignation of Vishal Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy.

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"We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow", Parekh added. The churn saw Infosys bring back former CEO Nandan Nilekani as the new chairman.

Revenues are expected to grow 2.1%-3.1% in INR terms based on the exchange rates as of December 31, 2017. ".Our Q3 performance is strong".

Infosys total employees stood at 2,01,691 as on December 2017, higher from 1,98,440 employees as on September 2017 and 1,99,763 employees in December 2016.

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", Parekh said in a press release, after close of Mumbai trading on Friday.

Infosys announced that Rajesh K. Murthy, President, has resigned from the company for personal reasons.

However, Infosys' Chief Operating Officer U.B. Pravin Rao said increased adoption of digital solutions and new services has helped stabilize its price realization that has been under pressure for almost two years.

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