Infosys Q3FY18 net profit grows 38% at Rs 5129 crore

Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal

Infosys retains forecast, joins TCS in signalling pickup in digital services in Q3

Considering a boost in the company's net profit, Infosys new CEO Salil Parekh said he would lay out strategic priorities for the company to build a "roadmap for future".

Under the International Financial Reporting Standard (IFRS), or in dollar terms, net income shot up 45 per cent annually to $796 million in Q3 from $547 million in the like period year ago and 37.6 sequentially from Rs 578 crore a quarter ago.

India's second-biggest IT services exporter Infosys Ltd posted a 38.3 percent jump in third-quarter profit, helped by tax benefits from the firm's deal with U.S. Internal Revenue Service.

IT giant, Infosys on Friday announced the net profit of Rs 5,129 crore for the December quarter over reversal of tax provisions of approximately Rs 1,432 crore. The company has maintained its FY2017-18 sales growth outlook at 5.5-6.5 per cent in constant currency terms.

Infosys consolidated revenue for the quarter came in at Rs. 17794 crores, registering 1.29% QoQ increase.

However, the gross profit of the company declined to Rs 6,344 crore, as against Rs 6,433 crore in the corresponding quarter previous year. Rao had served as interim CEO between August and January as Co-founder Nandan Nilekani, who returned to Infosys as non-executive chairman after Sikka quit, led the search for a new permanent CEO. Under Parekh, Infosys is now attempting to bring the focus back on growth and business. "We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow". ".Our Q3 performance is strong".

Based on the recommendations of the Nomination and Remuneration Committee, the board at its meeting held on December 2, 2017 appointed Salil Parekh as the Chief Executive Officer and Managing Director of the Company with effect from January 2, 2018 for a period of 5 years, subject to the approval of shareholders and other regulatory requirements.

Infosys total employees stood at 2,01,691 as on December 2017, higher from 1,98,440 employees as on September 2017 and 1,99,763 employees in December 2016.

Infosys announced that Rajesh K. Murthy, President, has resigned from the company for personal reasons.

The Infosys exchange filing said that its revenues in the third quarter increased by 8% in terms of the United States dollar.

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