Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency

Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency

Infosys, India's second-biggest software services provider by revenues, retained its full-year sales forecast, after growing revenues by 1 percent for the three months ended December 31.

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.

Infosys said that during December 2017 quarter, it had signed an Advance Pricing Agreement with the United States administration that had led to reversal of income tax expense provision of Rs 1,432 crore.

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 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.

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"Given the positive commentary on the retail vertical and continued growth momentum in the digital vertical, we expect earnings to grow at a CAGR 8.5 per cent over FY2017-FY2020".

Pravin Rao, COO of Infosys said, "During the quarter, we provided compensation increases and higher variable payouts to our employees".

Infosys' earnings came a day after larger rival Tata Consultancy Services reported a better-than-expected net profit on the back a surge in digital revenues.

Highlighting the emergence of technology in terms of Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), Salil said Infosys is progressing towards stability and is "ready to serve clients in the new areas of demand".

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 said Rajesh K Murthy, President, has resigned from the company citing personal reasons and will be with the company till January 31, 2018.

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