India's Infosys posts 38 pct jump in Q3 profit on tax deal

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Outsourcing firm Infosys Ltd. on Friday said its profit rose 38% last quarter thanks to a one-time tax benefit.

On a sequential basis, the company's net profit rose 37.6 per cent, while revenues were up 1.3 per cent in rupee terms. That compared with analysts' average estimate of 37.10 billion rupees, according to Thomson Reuters data.

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand" Salil Parekh, CEO and MD, Infosys said. "We were able to grow client relationships across revenue categories", said Pravin Rao, COO.

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For the third quarter, revenue in constant currency was up 0.8% on quarter, and 5.8% year on year.

Infosys has concluded an Advance Pricing Agreement ("APA") with the U.S. Internal Revenue Service ("IRS"). 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. Parekh was subsequently named the new CEO in December. Parekh added that the entire exercise would be concluded by April when he lays out the "strategic priorities" for the company going forward.

On Friday, the company said Rajesh Murthy, president and a 26-year-long veteran, stepped down, effective January 31, citing personal reasons. The key number to track would be digital services which would be a growth driver for Infosys and industry, he said.

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Infosys shares have gained close to 15 per cent in the past three months, outperforming the BSE IT index, which has risen 12.5 per cent. India's biggest outsourcer TCS on Thursday announced its quarterly earnings, which were in line with market estimates.

Infosys downplayed the concerns, saying the company expects discretionary spending to return to the sector this year, improving its prospects. In US dollar terms, Infosys' net profit grew to $796 million in the said quarter, while revenues were at $2.7 billion from the year-ago period.

Infosys' contant currency revenue growth came in at 5.6% as on December 2017.

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With this, for the nine months ended period of FY18, Infosys net profit has grown by 14.79% yoy to Rs 12,339 crore, while revenue jumped by 2.09% yoy to Rs 52,439 crore.

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