Infosys net zooms 38% to Rs 5129 cr for third quarter

Infosys net zooms 38% to Rs 5129 cr for third quarter

In the December quarter, Infosys registered the revenue of Rs 17,794 crore.

Infosys, the largest IT player, reported a 38.3% rise in the sequential growth in net profit at Rs 5,129 crore for the December quarter.

Revenues were $ 2,755 million while Operating profit stood at $ 669 million for the quarter ended December 31, 2017. Stripped of this one-time gain, Infosys's quarterly profit would have been down 1.2% sequentially to $571 million.

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.

In Q3 results, the operating margin was improved to 24.3% from 24.2% in the September quarter. One basis point is one-hundredth of a percentage point. Infosys's move to retain its growth outlook indicates that the company expects its revenue to decline by 0.61% in the fourth quarter in the worst-case scenario.

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). Infosys said Rajesh K Murthy, President, has resigned from the company citing personal reasons and will be with the company till January 31, 2018. Krishnamurthy was overseeing well over $1 billion of the company's annual revenue.

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IT majors Infosys and Tata Consultancy Services (TCS) both met Street expectations with their December quarter numbers.

Chief Executive Salil Parekh, who joined the company in January, said he planned to engage with clients, employees, partners, senior executives and the company's board over the next three months to build a "comprehensive view". The formation of the committee of directors caused a lot of heartburn for Sikka, Mint had reported on 21 August.

Sikka left abruptly in June following criticism from several executives, led by co-founder Narayana Murthy, over strategy and alleged corporate governance lapses.

"This is a phenomenal company that was started by people who had tremendous vision". They have created something which will last very longer. Mr. Parekh, 53, an ex-Capgemini veteran, said. Under Parekh, Infosys is now attempting to bring the focus back on growth and business. "However, given the regulatory overhang (US tax reforms impact) and sluggishness pick-up in spend in BFSI segment (32% of total revenue), we maintain a hold rating on the stock with a revised price target of Rs 2,950", the brokerage said.

It came a day after TCS reported an nearly four percent decline in earnings due to falling demand for its banking and financial services.