Thursday, 18 January, 2018

Infosys returns to high growth in Q3, net profit zooms 38.3%

This is the first quarterly results since Salil Parekh took charge as the new CEO and MD at Infosys on January 2 Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal
Orlando Vargas | 13 January, 2018, 05:55

Infosys posted a robust increase in profits benefitting from a favourable tax agreement while meeting expectations of modest revenue growth in the third quarter of the fiscal. Profit (excluding tax reversal) was estimated at Rs 3,609 crore on revenue of Rs 17,823 crore for the quarter while dollar revenue and constant currency revenue were estimated to grow around 1 percent each QoQ, according to average of estimates of analysts polled by CNBC-TV18.

"Infosys results were largely inline for the quarter with a volume growth of 1.6 percent for the quarter". Former CFO, V Balakrishnan said that Nandan Nilekani, the company's Chairman should also finish off the board restructuring quickly which include changing the earlier co-chairman and audit committee chairman thus providing a clean slate board for Parekh to perform to his full capability without any interruptions. Revenue reported was United States dollars 2,755 million, thus reporting quarterly growth of one percent in reported terms.

The software giant, like its industry peers, is looking to increase its share of revenues from digital businesses to combat slowing growth in traditional sectors.

The net profit in Q3 showed an increase of 37.6 per cent from the September quarter (Q2). Everything I have seen in the company reconfirms my belief.

Salil S Parekh, CEO and MD of Infosys on Friday said he would maintain only social interaction with co-founders of the company and respect them for their contribution in founding it. His exit also highlights the challenge of senior-level attrition, an issue that has been a major headache for Infosys, with at least a dozen executives above the rank of senior vice-president leaving the company over the past 18 months. Parekh is sixth CEO in Infosys' 36-year long history and second non-founder CEO hired at India's second largest company.

Clashes with Israel wound over 200 Palestinians
Israel captured the West Bank and east Jerusalem in the 1967 war and has since built dozens of settlements there. Israeli jurisdiction and ownership of Jerusalem , however, is not recognised by the global community.


Colorado homelessness programs to receive $30.6 million in federal grants
The Los Angeles County Homeless Services Authority received $109 million, the biggest single pot of funds awarded in the state. They will report these one-night "point-in-time counts" later in the year to establish HUD's 2018 national homeless estimate.


Russia, China agree to coordinate efforts to resolve Korean Peninsula situation
He said that China has always supported worldwide anti-terrorism cooperation on the basis of mutual respect. He also said the meeting does not involve all the key countries related to the North Korean nuclear issue.


"This is a phenomenal company that was started by people who had tremendous vision".

Parekh said the company is "progressing towards stability" and is well positioned to serve clients in the new areas of demand. Mr. Parekh, 53, an ex-Capgemini veteran, said.

The management added that the company has added one client in the $100 million band and three clients in the $75 million range.

Commenting on Infosys's profit rise, Sanjoy Sen, doctoral research scholar, Aston Business School, U.K., said: "The timing of the tax reversal has been immensely fortuitous for Infosys and made a significant difference between what would have otherwise been viewed as a mildly positive performance, as against a reasonably good performance with the ability to swing market sentiment in its favour". Infosys' revenue in Q3 was $2.8 billion, up 5.8% in constant currency compared to the corresponding quarter in FY17. Revenue from banking, financial services and insurance, a segment that brings more than a third of Infosys's revenue, inched up 0.3%.

Recommended

Transgender Big Brother star Rebekah Shelton has died at 32 Transgender Big Brother star Rebekah Shelton has died at 32 She said: "Hi everyone, I would just like to ask everyone to stop spreading rumours that I'm dead because obviously I'm not". Trans Big Brother star Rebekah Shelton is not dead , as she confirms in a video she was a victim of hacking.

HTC U11 EYEs Leak Shows Off Dual Front-Facing Cameras, Thin Bezels HTC U11 EYEs Leak Shows Off Dual Front-Facing Cameras, Thin Bezels The highlight of the phone is the Edge Sense feature that was unveiled in May a year ago , right after the phone was announced. It could be unveiled as soon as January 15, the date of HTC's next press event, and it'll come in red, black, and blue colors.

Pac-12 basketball roundup: Sun Devils fall to Ducks Pac-12 basketball roundup: Sun Devils fall to Ducks Washington State's Borislava Hristova was the Pac-12 player of the week after averaging 32.5 points per game last week. The Ducks continued to focus on things they could control, namely efficient rebounding and crisp passing.

Trump's not making America great with racist 's--thole' countries complaint Trump's not making America great with racist 's--thole' countries complaint But, he added, "I also understand the president is not a career politician, and may say things that aren't politically incorrect". Many US media outlets reported the comments on Thursday, quoting witnesses or people briefed on the meeting.

The Case for Keenum: Vikings QB has revived career in Minnesota The Case for Keenum: Vikings QB has revived career in Minnesota There was a point in the middle of the season where the only comparable player to Keenum - stat-wise - was Tom Brady. Saints receiver Brandon Coleman has been declared out of Sunday's divisional-round playoff game in Minnesota .

Two Sam's Clubs in Wisconsin to close Two Sam's Clubs in Wisconsin to close As a member of Sam's Club, you are entitled to a refund at any time if you are not satisfied, the company says on its website. Lanham who worked Wednesday night said she was shocked and saddened by the notice.

Intel CEO addresses Spectre and Meltdown bugs at CES keynote Intel CEO addresses Spectre and Meltdown bugs at CES keynote Companies from Microsoft to Apple have announced efforts to patch the vulnerabilities. It's a symbol of what's possible, Krzanich said, as Intel seeks to remake itself.

India Willoughby was sexually attracted to a DALEK India Willoughby was sexually attracted to a DALEK Celebrity Big Brother aired their first eviction tonight (January 12), one week since the male housemates entered the house. Friday's eviction candidates had been picked by the women of the CBB house, after winning a set of challenges.

UIDAI introduces virtual ID, limited KYC for Aadhaar card holders UIDAI introduces virtual ID, limited KYC for Aadhaar card holders This new security mechanism will kickstart from March 2018. "I think everybody has to accept that Aadhaar is here to stay". The Virtual ID is a 16-digit randomly-generated temporary number that people would be able to share instead of Aadhaar .

Liverpool vs Manchester City predictions Liverpool vs Manchester City predictions On paper this has the making of a classic - two teams who love to attack and play soccer with great intensity. They have kept nine clean sheets in their last 13 league games at Anfield .

Trump is 'in excellent health,' White House doctor says Trump is 'in excellent health,' White House doctor says Trump himself has pushed back hard against any suggestion that he's mentally unfit, declaring himself "a very stable genius". Harold Bornstein, who in 2015 declared that his patient would be "the healthiest individual ever elected to the presidency".

Blue Jays, Josh Donaldson reach $23M deal for 2018 season Blue Jays, Josh Donaldson reach $23M deal for 2018 season A career.277 hitter, Donaldson has hit at least 29 home runs in each of the last four seasons. He will be eligible for free agency following the 2018 season.

Macron urges European Union to take coordinated stance on trade with China Macron urges European Union  to take coordinated stance on trade with China US President Donald Trump visited the Chinese capital in November and was given a lavish welcome. He was formally handed a second term and his name was enshrined in the party's constitution.

Schumer: Trump Tweet About Russia Probe Should Concern GOP Schumer: Trump Tweet About Russia Probe Should Concern GOP But leaks have been a constant theme during the committee's probe, which began in January. "[Dianne] Feinstein [D-Calif.] and Rep. Schiff says the GOP should agree to subpoena for that information if Trump Jr. does not provide details to the committee.

Trump signs MLK Jr. Day Proclamation The Memorial Foundation Hosts 7th Annual Wreath Laying, Day of Reflection, Reconciliation at Martin Luther King, Jr . In addition, there will be several youth presenters from various area congregations. 2018 Martin Luther King Jr .