Infosys Q3 results: Infosys Q3 net profit up 38.3%, revenue at Rs 17,794 crore
NEW DELHI: IT major Infosys on Friday declared its earnings for the third quarter. The Bengaluru-based company has reported net profit of Rs 5,129 crore in the quarter ended December, 2017, up 38.3 per cent, compared to Rs 3,708 crore during the same period last year, Infosys said in a filing to the stock exchanges.
Revenue of the company rose by 3 per cent to Rs 17,794 crore keeping FY18 revenue growth forecast at 5.5-6.5 per cent.
On the management changes, the company said that Rajesh K Murthy, President, has resigned citing personal reasons and his resignation will be effective January 31, it added.
With the appointment of its new CEO and Mangaging Director Salil Parekh, the company further approved the dissolution of the Committee of Directors. This is the first quarterly results since Parekh took charge as the new CEO and MD at Infosys on January 2.
The shares of company ended on a higher note both on BSE Sensex and NSE NIfty.
Investors and market watchers are expecting to hear from Infosys’ new CEO Parekh on his strategy to spur growth for the company that is trying to put behind the almost year-long public standoff between its high-profile promoters and the past leadership.
Earlier this week, Infosys had signed an Advance Pricing Agreement (APA) with the US revenue department, which will result in reversal of tax provisions of about $225 million.
The reversal of the tax provisions will have a positive impact on its consolidated basic earnings per share (EPS) for the December, 2017 quarter by approximately $0.10, Infosys said in a statement.
“In accordance with the APA, the company expects to reverse tax provisions of approximately $225 million made in previous periods which are no longer required (both under International Financial Reporting Standards and Indian Accounting Standards),” it added