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Infosys Q3 net profit rises 37.6% to Rs 51.29 billion

Agencies/New Delhi 12 Jan 18 | 04:30 PM

New Infosys CEO Salil Parekh Photo: @Infosys

Information technology giant Infosys on Friday said its net profit for the quarter ended December 2017 rose 38% sequentially to Rs 51.29 billion as against Rs 37.26 billion in previous quarter.

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On sequential terms, revenue rose 1.3% to Rs 177.94 billion as compared to Rs 175.67 billion in September quarter.

The net profit rose 38.3% as against Rs 37.08 billion in December 2016 and revenue rose 3% when compared to Rs 172.73 billion in year-ago period. 

The company retained its FY18 revenue growth forecast in constant currency at 5.5%-6.5%. Infosys president Rajesh Murthy has resigned and will leave by January 31.

Standalone attrition declined to 15.8% during the quarter from 17.2% in September quarter. The company made gross client additions of 79 during the quarter.

Company's FY18 operating margin range unchanged at 23-25%. This is the first quarterly results since Salil Parekh took charge as the new CEO and MD at Infosys on January 2. 

Parekh's appointment came after the abrupt resignation of Vishal Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy.

"...Our Q3 performance is strong... We are progressing towards stability and are well positioned to serve our clients in the new areas of demand," Parekh said.

Net employee addition was 3,251 in December quarter. The company's numbers were helped by tax benefits from the firm's deal with the US Internal Revenue Service (IRS).
The company had signed an Advance Pricing Agreement with the US IRS this week, resulting in an effective tax rate of about 100 basis points lower going forward.

The conclusion of the agreement had a positive impact on consolidated basic earnings per share in the quarter by about Rs 6.29. The company's basic earnings for the quarter was Rs 22.55 rupees per share, it said.

In US dollar terms, Infosys' net profit grew to $796 million in the said quarter, while revenues were at $2.7 billion from the year-ago period.

Its total headcount stood at 201,000 at the end of December quarter.

Infosys said Rajesh K Murthy, President, has resigned from the company citing personal reasons and will be with the company till January 31, 2018.

On Friday, the Infosys scrip on BSE closed 0.3% up at Rs 1,079.

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