Infosys Q3 net profit up 38.3%, revenue at Rs 17794 crore

Infosys Q3 profit jumps 38% to Rs 5,129 crore on income tax reversal

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

The company also announced that, with the appointment of Salil Parekh as the CEO and Managing Director of the company for a period of 5 years, the Committee of Directors stands dissolved with effect from January 12, 2018.

India's second-largest outsourcer by revenue, after Tata Consultancy Services Ltd., said that its profit in the three months ended December 31 was 51.29 billion rupees ($805 million), compared with 37.08 billion rupees a year ago.

Infosys said that during December 2017 quarter, it had signed an Advance Pricing Agreement with the U.S. administration that had led to reversal of income tax expense provision of Rs 1,432 crore.

For Q3, the firm posted revenue of Rs 17,794 crore.

Infosys has retained its 2017-18 dollar revenue growth of 5.5-6.5 per cent in constant currency (CC) terms.

The reversal of the tax provisions will have a positive impact on its consolidated basic earnings per share (EPS) for the December, 2017 quarter by approximately $0.10, Infosys said in a statement.

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Infosys, announcing its first results under new CEO Salil Parekh, said its profits had been buoyed by a deal signed with the United States tax department. His predecessor Vishal Sikka quit late previous year after a long-drawn public fued with Infosys' founders.

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. Analysts at HDFC Securities projected profits of Rs 5,182 crore, including the tax reversal, which implies they expected Infosys to report profit growth of 1 percent, excluding the tax reversal component. The churn saw Infosys bring back former CEO Nandan Nilekani as the new chairman.

"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.

On Friday, the company said Rajesh Murthy, president and a 26-year-long veteran, stepped down, effective January 31, citing personal reasons.

Q3 revenues grew year-on-year by 8.0% in Dollars terms; 5.8% in constant currency terms and 3 percent in rupee terms to Rs17794 crore for the quarter ended December 2017.

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