Will stay connected with founders: Infosys CEO

Will stay connected with founders: Infosys CEO

Infosys, India's second largest IT company, has reported 38.3 per cent growth in consolidated net profit to Rs 5,129 crore for quarter ending December.

It had posted a net profit of Rs 3,708 crore in the year-ago period, as per IFRS accounting norms, Infosys said in a BSE filing. In a regulatory filing on the BSE, the city-based firm said revenue growth was expected to be 2.1-3.1 per cent annually at the December 31 exchange rate of Rs 63.88 per United States dollar.

Revenues were at Rs17,794 crore for the quarter ended 31 December 2017 while operating profit stood at Rs4,319 crore for the quarter, showing a 0.4 per cent decline year-on-year and a 1.7 per cent growth sequentially. 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. Further, revenue guidance in constant currency was retained at 5.5-6.5 percent.

The company bought back shares worth Rs 13,000 crores.

Indian software firm Infosys reported a massive increase in quarterly profits on Friday a day after rival Tata Consultancy Services said its earnings had slid.

The company also had written down an unspecified amount invested in its innovation fund investment DWA Nova LLC, which impacted its net profit by $11 million (Rs 70 crore). Operating margin improved by 10 bps during the quarter at 24.3 per cent, ahead of expectations.

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The company also earned $31 million (Rs 198 crore) from interest on income tax refund for the quarter.

Infosys, announcing its first results under new CEO Salil Parekh, said its profits had been buoyed by a deal signed with the United States tax department.

Parekh said he is reviewing contracts with clients and looking to engage more with the people, ahead of the new strategy in April.

Recalling his pleasant interaction with the founders at the Infosys Prize event two days ago, Parekh said he would continue to have a cordial relationship with them. "Our cash generation continued to be robust during the quarter." said M.D. Ranganath, CFO.

COO Pravin Rao said: "Increased adoption of our digital offerings and new services helped stabilize price realization".

Infosys saw a management shake up with Parekh's predecessor Vishal Sikka quitting a year ago after a long-drawn public feud with the company's main founder over alleged corporate governance lapses. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".

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