Infosys Q3 profit grows 38.3 pct to Rs 5129 crore

Infosys net zooms 38% to Rs 5,129 cr for third quarter

Infosys reported a rise in net profit of 38.3 percent from a year earlier to 51.29 billion rupees ($806 million) for the quarter to December 31, way above analysts' estimates.

With nine months gone, the company has grown at 5.6% in constant currency terms so far. Dollar revenue rose 1% to $2.75 billion from the preceding quarter.

Infosys, the country's second-largest software maker, has recorded a 37.6 percent growth in net profit in the October-December quarter aided by a revival in the demand environment and a one-time tax reversal.

Adding to this, the company CFO Ranganath D Mavinakere opined that the growth reported is resilient on many dimensions, with improved operating margins as a result of broad-based improvement in operational efficiency.

Infosys' contant currency revenue growth came in at 5.6% as on December 2017.

Rajesh Murthy, one of Infosys' highly-paid executives last year, has stepped down, citing personal reasons, ending his tenure of 26 years with the company. "Everything that I have seen in this company reconfirms that, and my hope and expectations would be to reconnect with the founders, the original people who started the company, and pay respect to them in that light".

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IT major on Friday declared its earnings for the third quarter. The formation of the committee of directors caused a lot of heartburn for Sikka, Mint had reported on 21 August. This is the first quarterly results since Parekh took charge as the new CEO and MD at Infosys on January 2.

Mr. Sikka, who quit the company in August past year, had set a goal of $20 billion in revenue by 2020, which has since been abandoned. We are focusing on market opportunities, client relationships, people, and service portfolio. Mr. Parekh, 53, an ex-Capgemini veteran, said.

In the December quarter, the United States, which brings 62% of Infosys's revenue, grew 0.7% sequentially, while business from Europe, which accounts for 22.2% of overall revenue, jumped 5.9%. Infosys will also be looking to firmly return its focus to business growth after a tumultuous year that ended with former CEO Vishal Sikka and much of his board leaving, to be replaced by Salil Parekh within months.

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".

Revenue from operations rose 3 percent to 177.9 billion rupees from a year earlier, with revenue from the financial services segment down 0.4 percent at 46.43 billion rupees, the company said.

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