Infosys profit beats expectations on tax benefits

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Salil Parekh, the new CEO of Infosys, took charge on January 2 for a five-year term, with the option of renewal of contract for three more years subject to approval of the shareholders.

The shares of company ended on a higher note both on BSE Sensex and NSE NIfty.

Shree Cement's net profit rose 41.6% to Rs 333.33 crore on 23.1% growth in net sales to Rs 2296.23 crore in Q3 December 2017 over Q3 December 2016.

Beating market expectations, Bengaluru-based, IT giant Infosys on Friday reported a net profit of Rs 5,129 crore for the third quarter ended December 31, 2017, up 38% as compared with Rs 3,708 crore for the corresponding quarter previous year.

The operating profit rose by 1.7 percent on a sequential basis to Rs4319 crore for the quarter ended December 2017 but slipped marginally by 0.4 percent on a year-on-year (YoY) basis.

However, the gross profit of the company declined to Rs 6,344 crore, as against Rs 6,433 crore in the corresponding quarter a year ago.

The company maintained revenue guidance of 5.5 per cent -6.5 per cent in constant currency term and 6.5-7.5 per cent in dollar terms. Mr. Balakrishnan, who is known to be a supporter of Murthy, said that the sarcastic communication to the stock exchanges who is blaming Infosys Co-Founder Mr. N R Narayana Murthy for all the board's gaps was unique. ".Our Q3 performance is strong".

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Indian software firm Infosys reported a massive increase in quarterly profits on Friday a day after rival Tata Consultancy Services said its earnings had slid.

"Addressing the first press conference post his appointment as CEO of the IT major, Parekh said the ongoing digital disruption has created a new opportunity for the company".

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. Its total headcount stood at 2.01 lakh at the end of December quarter.

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", Parekh said, referring to the recent turmoil surrounding the departure of his predecessor Vishal Sikka.

Meanwhile, Rajesh K. Murthy, President, has resigned from the company citing personal reasons.

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