Published: Sat, January 13, 2018
Culture | By Wayne Carr

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

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

Information technology major Infosys on Friday reported a net profit of Rs 5,129 crore for the October-December 2017 quarter, 37.6% higher than its July-September 2017 quarter.

The company expects full-year revenue (consolidated) for the fiscal year ending 31 March 2018 to grow 5.5-6.5 per cent in constant currency; revenue is expected to grow 2.1-3.1 per cent in rupee terms based on the exchange rates as of 31 December 2017.

The financial services sector, which contributes over a quarter of its revenues, witnessed muted growth in the three months to the end of December, said Pravin Rao, chief operating officer of Infosys.

Operating profit at Rs 4,319 crore was flat (0.4 per cent) annually but 1.7 up sequentially in rupee terms and at $669 million grew 4.5 per cent annually and 1.4 per cent quarterly in dollar terms.

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In rupee terms, there was a growth of 1.3%.

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 nearly year-long public standoff between its high-profile promoters and the past leadership.

The comment comes as Infosys reports Q3 results that beat revenue estimates but missed on EPS.

The 38.3 percent jump was largely due to a $225 million (Rs 1,432 crore) tax reversal in the U.S., the company's biggest market. "We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow".

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The company also had written down an unspecified amount invested in its innovation fund investment DWA Nova LLC, which impacted its net profit by $11 million (Rs 70 crore).

Salil Parekh, CEO & 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".

Parekh said, "We are progressing towards stability and are well positioned to serve our clients in the new areas of demand". "Our cash generation continued to be robust during the quarter." said M.D. Ranganath, CFO.

A stable management returns at Infosys in a tumultuous year that saw Sikka's exit after a public spat with founder N R Narayana Murthy.

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He said that building on strategy initiated by Infosys Chairman Nandan Nilekani, the company is conducting a review structured around four dimensions, namely, new market opportunities, client relationships, people, and service offering portfolio. "We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy", he added.

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