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12 January 2018, 10:53 | Kelvin Horton
Infosys net zooms 38% to Rs 5,129 cr for third quarter
Profit rose 38.3 percent to 51.29 billion rupees (6 million) in the three months ended Dec 31, Infosys said on Friday.
Elaborating further, Chief Operating Officer Pravin Rao said that over 25 per cent of the company's revenue comes from digital segment.
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.
The jump in profits has been backed by the reversal of tax provisions worth Rs 1,434 crore, arising out of Advance Pricing Agreement (APA) signed by the company with US Internal Revenue Service (USIRS).
"The Board places on record its deep appreciation for his commitment to Infosys over the last 26 years and wishes him the very best for his future endeavours", the company said in a statement here today. This had a positive impact on the consolidated basic earnings per share in the third quarter by about $0.10. ".Our Q3 performance is strong".
Yash Ved of NewsBarons provides you the highlights of a media interaction, where Salil Parekh, CEO & MD, Infosys says, "We are progressing towards stability and are well positioned to serve our clients".
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. We are focusing on market opportunities, client relationships, people, and service portfolio.
"Our operating margins were stable on the back of broad-based improvement in operational efficiency parameters".
The company has maintained its FY2017-18 sales growth outlook at 5.5-6.5 per cent in constant currency terms.
"The annual revenue is expected to grow 5.5-6.5 per cent in constancy currency (CC) in rupee and dollar terms, but 2.1-3-1 per cent in rupee terms, with the dollar at Rs 63.88 on December 31", said the filing.
"During the quarter, we provided compensation increases and higher variable payouts to our employees".
The Bengaluru company also signalled a pickup in the adoption of its digital solutions, joining larger rival Tata Consultancy Services in reporting this trend. "Our cash generation continued to be robust during the quarter." said MD Ranganath, CFO. "Our investments in employees continues to deliver results as reflected in lower attrition". "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".
It came a day after TCS reported an nearly four percent decline in earnings due to falling demand for its banking and financial services.
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