Infosys December quarter net profit jumps 38% to Rs 5129 crore

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

IT giant Infosys surpassed analysts' estimate in its third quarter result for the financial year 2017-18 (Q3FY18) by reporting a whopping 38% year-on-year (YoY) rise in consolidated net profit. And lastly, net profit for the quarter came in 42.12% higher than the estimated figure of Rs. 3609 crores.

Infosys expects to finish the year ending March 31 with revenue growth of between 5.5 percent and 6.5 percent over the previous fiscal year, the company said in its press release, retaining its October forecast.

The jump in profits has been backed by the reversal of tax provisions worth Rs 1,434 crore, arising out of Advance Pricing Agreement (APA) signed by the company with US Internal Revenue Service (USIRS).

"Our operating margins were stable on the back of broad-based improvement in operational efficiency parameters". ".Our Q3 performance is strong. Our cash generation continued to be robust during the quarter", said M.D. Ranganath, CFO at Infosys.

Commenting on the Q3 earnings, Salil Parekh, CEO and MD of Infosys, said: "It is a privilege for me to be appointed as the CEO & MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities".

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Consolidated revenue, however, grew 8 per cent annually to $2,755 million from $2,551 million in the like period year ago but remained flat (1 per cent) sequentially from $2,728 million a quarter ago.

Infosys reported a quarter that was largely in line with expectations and said it retains its full-year revenue growth guidance at 5.5-6.5%, excluding the impact of currency movements.

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand" he added. EBITDA margin for the quarter stood at 27.07%.

Infosys' contant currency revenue growth came in at 5.6% as on December 2017. The tax agreement will reduce Infosys's effective tax rate by 100 basis points going forward.

State Bank of India (SBI) said that the proposal will be submitted to executive committee of central board (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier.

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