Culture&Arts

Infosys profit up 38% sequentially, maintains full-year revenue forecast

Infosys profit up 38% sequentially, maintains full-year revenue forecast

The company posted consolidated net profit of Rs 5,129 crore, rising by 38.32% from Rs 3,708 crore in the corresponding period of the previous year.

Infosys Ltd ( INFY ) announced for the fiscal year ending March 31, 2018, the company expects, under IFRS: revenues to grow 5.5%-6.5% in constant currency; or revenues to grow 6.5%-7.5% in Dollars terms based on the exchange rates as of December 31, 2017.

Revenues were at Rs17,794 crore for the quarter ended 31 December 2017 while operating profit stood at Rs4,319 crore for the quarter, showing a 0.4 per cent decline year-on-year and a 1.7 per cent growth sequentially.

On a sequential basis, the company's net profit rose 37.6 per cent, while revenues were up 1.3 per cent in rupee terms.

The comment comes as Infosys reports Q3 results that beat revenue estimates but missed on EPS. To indicate this, Infosys maintained it would end the financial year with growth of 5.5 to 6.5 per cent in revenue, in constant currency.

The spurt in profit has been largely due to a $225 million (Rs1,432 crore) tax reversal in the USA, the company's biggest market. The company's net profit also rose 38.3% in the third quarter of 2017-'18 compared to that in the third quarter of 2016-'17.

Cash flow from operations increased by a whopping 49 per cent to $657 million from $441 million quarter ago.

The company also earned $31 million (Rs 198 crore) from interest on income tax refund for the quarter.

The Infosys senior management however, said Murthy's decision to make a move was for personal reasons and should not be read into too much.

This is the first quarterly results since Salil Parekh took charge as the new CEO and MD at Infosys January 2.

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.

"Our operating margins were stable on the back of broad-based improvement in operational efficiency parameters".

"Our cash generation continued to be robust during the quarter", he said.

"Increased adoption of our digital offerings and new services helped stabilise" billing rates, COO Pravin Rao said in the press release. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy". 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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