India's Infosys profits soar after TCS slide

Infosys Board To Be Restructured

In a regulatory filing on the BSE, the IT major said consolidated revenue, however, grew 3 per cent annually to Rs 17,794 crore for the quarter under review (Q3) from Rs 17,273 crore in the same period year ago.

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. The revised outlook in rupee terms is lower than 3-4 per cent given on October 24 when the dollar was Rs 65.29 on September 30 and 3-5 per cent on July 14 with dollar at Rs 64.58 on June 30.

Infosys reported a rise in net profit of 38.3 percent from a year earlier to 51.29 billion rupees ($806 million) for the quarter to December 31, way above analysts' estimates.

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Commenting on Infosys's profit rise, Sanjoy Sen, doctoral research scholar, Aston Business School, U.K., said: "The timing of the tax reversal has been immensely fortuitous for Infosys and made a significant difference between what would have otherwise been viewed as a mildly positive performance, as against a reasonably good performance with the ability to swing market sentiment in its favour". The company's net profit also rose 38.3% in the third quarter of 2017-'18 compared to that in the third quarter of 2016-'17. "We had 8% year-on-year growth and 24.3 per cent operating margin with $593 million of free cash flow".

He said Infosys is a phenomenal company started by people who had tremendous vision, and that they created something which will last a very long time.

With the appointment of its new CEO and Mangaging Director Salil Parekh, the company further approved the dissolution of the Committee of Directors.

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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, referring to the recent turmoil surrounding the departure of his predecessor Vishal Sikka.

"Our operating margins were stable on the back of broad-based improvement in operational efficiency parameters. Our cash generation continued to be robust during the quarter." said MD Ranganath, CFO.

Infosys saw a management shake up with Parekh's predecessor Vishal Sikka quitting previous year after a long-drawn public feud with the company's main founder over alleged corporate governance lapses.

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Increased adoption of the company's digital and new services offerings by clients helped stabilise price realisation. "We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy", he added.

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