Infosys returns to high growth in Q3, net profit zooms 38.3%
Infosys returns to high growth in Q3, net profit zooms 38.3%
Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal
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.
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"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%.
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