January 22, 2018

Infosys posts better-than-expected Q3 profit on tax deal

12 January 2018, 10:56 | Melvin Schneider

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

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Infosys, India's second-biggest software services provider by revenues, retained its full-year sales forecast, after growing revenues by 1 percent for the three months ended December 31.

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

In rupee terms, Revenues stood at INR 17,794 crore for the quarter ended December 31, 2017.

With this, for the nine months ended period of FY18, Infosys net profit has grown by 14.79% yoy to Rs 12,339 crore, while revenue jumped by 2.09% yoy to Rs 52,439 crore. The shareholders approved the said proposal through the postal ballot that concluded on October 7, 2017. The earnings per share of the company grew by 39%, and stood at Rs 22.55, as against Rs 16.22 in the corresponding quarter last fiscal.

Infosys saw a management shake up with Parekh's predecessor Vishal Sikka quitting previous year after a long-drawn public feud with the company's main founder over alleged corporate governance lapses. ".Our Q3 performance is strong".

"It is a privilege for me to be appointed as the CEO and MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities. Beyond that, any other interaction will be a social interaction", said Parekh. We are focusing on market opportunities, client relationships, people, and service portfolio.

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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.

In Q3 results, the operating margin was improved to 24.3% from 24.2% in the September quarter.

Infosys Ltd ( INFY ) announced for the fiscal year ending March 31, 2018, the company expects, under IFRS: revenues to grow 5.5%-6.5% in constant currency; or revenues to grow 6.5%-7.5% in United States dollars terms based on the exchange rates as of December 31, 2017.

"During the quarter, we provided compensation increases and higher variable payouts to our employees".

The spurt in profit has been largely due to a $225 million (Rs1,432 crore) tax reversal in the U.S., the company's biggest market. "Our investments in employees continue to deliver results as reflected in lower attrition". "Our cash generation continued to be robust during the quarter." said MD Ranganath, CFO. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".

"But we remain very confident about this sector and we believe that the calendar year 2018 will be much better than calendar year 2017 for the financial services", Rao said.

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