Saturday, 20 January, 2018

India's Infosys Profit Rose 38% Last Quarter

Infosys Q3 profit jumps 38% to Rs 5129 crore on income tax reversal Infosys to release future roadmap in April: CEO Salil Parekh
Preston Stone | 12 January, 2018, 15:52

The net profit rose higher largely led by lower tax expenses but analysts' are hopeful for things to start improving in the next 2-3 quarter, suggest experts.

By these figues, Infosys had witnessed a jump of 37.6 per cent on a quarter-on-quarter basis and 38.3 per cent on a year-on-year basis. That compared with analysts' average estimate of 37.10 billion rupees, according to Thomson Reuters data.

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 were able to grow client relationships across revenue categories", said Pravin Rao, COO.

Parekh's appointment came after the abrupt resignation of Vishal Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy.

Where Infosys retained its guidance for the year, signaling stability in business environment for the company, TCS expects a rebound on the back of strong growth in key sectors, like retail, and in major markets, like the US. Parekh added that the entire exercise would be concluded by April when he lays out the "strategic priorities" for the company going forward.

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

Uber uses 'panic button' to shield files during police raids
Uber said this software is necessary to protect company data, along with the privacy of passengers, drivers and Uber employees. Uber said the system - named Ripley, after the flame throwing hero in the Alien movies - was there to protect customer data.

After years of double-digit revenue growth, India's software industry is facing a slowdown as new internet technologies such as artificial intelligence and cloud computing make some of its people-heavy services obsolete.

Revenues are expected to grow 2.1%-3.1% in INR terms based on the exchange rates as of December 31, 2017.

The company's dollar revenue growth stood at 1 per cent and constant currency revenue at 0.8 per cent QoQ.

India's second-biggest IT services exporter Infosys Ltd posted third-quarter profit well above estimates, helped by tax benefits from the firm's deal with the US Internal Revenue Service (IRS).

A Bloomberg poll projected Infosys net profit and revenue at Rs 3,610 crore and Rs 17,842 crore respectively in Q3FY18. Shares of TCS lost 0.6%.

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