India's Infosys profits soar after TCS slide

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

This was largely due to lower tax expenses.

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

Consolidated revenue came stood at Rs 17,729 crore, witnessing sequential rise of 2.63% as against Rs 17,273 crore a year ago in the same period.

Infosys has retained its 2017-18 dollar revenue growth of 5.5-6.5 per cent in constant currency (CC) terms.

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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.

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.

As Salil Parekh, recently took control as CEO at Infosys, a former topmost company official has sought after rearrangement of the Board by replacing ex co-chairman Mr. Ravi Venkatesan and ex-Audit Committee Chairperson Roopa Kudva.

In August, Infosys saw a massive leadership change after the then Chief Executive Vishal Sikka abruptly quit amid simmering tensions with company co-founder N.R. Narayana Murthy. The founders had alleged corporate governance lapses and questioned the United States dollars 200 million Panaya acquisition under previous management and also flagged the high severance pay to former employees.

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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".

"We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow", Parekh added. Analysts at HDFC Securities projected profits of Rs 5,182 crore, including the tax reversal, which implies they expected Infosys to report profit growth of 1 percent, excluding the tax reversal component. ".Our Q3 performance is strong".

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", Parekh said in a press release, after close of Mumbai trading on Friday.

India's second-largest outsourcer by revenue, after Tata Consultancy Services Ltd., said that its profit in the three months ended December 31 was 51.29 billion rupees ($805 million), compared with 37.08 billion rupees a year ago.

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