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 a year ago. The net profit was higher than CNBC-TV18 estimates of Rs3,609 crore. While it expects to grow between 2.1% - 3.1% in INR terms based on the exchange rates of December 2017.
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.
Revenue of the company rose by 3 per cent to Rs 17,794 crore keeping FY18 revenue growth forecast at 5.5-6.5 per cent.
Q3 operating margin improved to 24.3% from 24.2% in Q2 18. ".Our Q3 performance is strong".
Salil Parekh, CEO & 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".
"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".
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"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.
Pravin Rao, COO of Infosys said, "During the quarter, we provided compensation increases and higher variable payouts to our employees". EBITDA margin for the quarter stood at 27.07%.
Infosys has concluded an Advance Pricing Agreement ("APA") with the U.S. Internal Revenue Service ("IRS"). 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.
State Bank of India (SBI) said that the proposal will be submitted to executive committee of central board (ECCB) on 17 January 2018, for approval for issuance of long term bonds of Rs 20000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5000 crore as intimated earlier.
India declined by 6.1% sequentially, and 5.9% in constant currency while the Rest of the world declined by 4.6% sequentially; and 4.0% in constant currency.