Published: Sat, January 13, 2018
Culture&Arts | By Hattie Nash

Infosys Q3 profit up 38.3%

Infosys Q3 profit up 38.3%

The company's revenue, in dollar terms, has grown by 1% on quarter and 8.0% on year.

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.

Addressing the first press conference post his appointment as CEO of the IT major, Parekh said the ongoing digital disruption has created a new opportunity for the company."While clients are facing digital disruption, we see an opportunity rising for us".

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Infosys reported a quarter that was largely in line with expectations and said it retains its full-year revenue growth guidance at 5.5-6.5%, excluding the impact of currency movements.

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.

It rose to 51.29 billion rupees ($805.94 million) from 37.08 billion rupees.

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"It is a privilege for me to be appointed as the CEO & MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities". ".Our Q3 performance is strong". The operating margin, which is the ratio of earnings before payment of interest and tax to net sales, increased to 24.3% in the third quarter from 24.2% in the second quarter of the 2017-'18 financial year.

Investors and market watchers are expecting to hear from Infosys' new CEO Parekh on his strategy to spur growth for the company that is trying to put behind the nearly year-long public standoff between its high-profile promoters and the past leadership. Revenues of the Bengaluru-headquartered company at Rs 177.9 billion grew 6.5 per cent, on the back of improved staff utilisation and higher growth from digital deals, in a traditionally weak quarter ending December 31. "We were able to grow client relationships across revenue categories." said Pravin Rao, COO.

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

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Parekh said he is reviewing contracts with clients and looking to engage more with the people, ahead of the new strategy in April. "Our investments in employees continue to deliver results as reflected in lower attrition". "Our cash generation continued to be robust during the quarter." said M.D. Ranganath, CFO. Sikka quit in August after three years at the helm of Infosys, a stint marked by a feud between some founders of the company, led by N.R. Narayana Murthy, and the previous board.

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