Infosys Q3 profit grows 38.3 pct to Rs 5129 crore

13 January, 2018, 02:09 | Author: Kristine Mills
  • Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal

Infosys Technologies met Street expectations by reporting 38.3 per cent year-on-year growth in third quarter profits to Rs 51.29 billion, aided by a one-time gain from a United States tax reversal.

Senior level exits have been a talking point at Infosys for the past over a year, with several senior executives quitting the company for varied reasons.

Elaborating further, Chief Operating Officer Pravin Rao said that over 25 per cent of the company's revenue comes from digital segment.

He said Infosys is a phenomenal company started by people who had tremendous vision, and that they created something which will last a very long time.

New Infosys (NASDAQ:INFY) CEO Salil Parekh says he will outline the company's updated priorities in April. "Our Q3 performance is strong....24.3% operating margin with $593 million of free cash flow". "Beyond that, any other interaction will be a social interaction", said Parekh.

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". "As part of Strategy Refresh have four pillars". I always have admiration and respect for Infosys.

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"It's an opportunity with a strong foundation to build a transformation story at Infosys". Infosys also maintained its expectation for full-year revenue growth of between 5.5 and 6.5 percent.

It retained the same outlook in the third quarter.

Infosys' profit in the third quarter was driven by an Advance Pricing Agreement it sealed with US IRS, which the company said added about 6.29 rupees to its consolidated basic earnings per share in the quarter to take it to 22.55 rupees.

"During the quarter, we provided compensation increases and higher variable payouts to our employees. Our investments in employees continue to deliver results as reflected in lower attrition".

Chief Financial Officer M.D. Ranganath said operating margins were stable on improvement in efficiency parameters. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".

Infosys saw a management shake up with Parekh's predecessor Vishal Sikka quitting a year ago after a long-drawn public feud with the company's main founder over alleged corporate governance lapses. After his departure, R. Seshasayee, chairman of the board, stepped down following allegations leveled against the board on transparency issues and irregularities in a $200 million acquisition of an Israeli firm by former co-founders led by N.R. Narayana Murthy, 71.

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