Infosys December quarter net profit jumps 38% to Rs 5129 crore

Infosys Q3 profit jumps 38% to Rs 5,129 crore on income tax reversal

Infosys explained that during the December 2017 quarter, it had signed an Advance Pricing Agreement with the U.S. administration that had led to reversal of income tax expense provision of Rs 1,432 crore.

The spurt in profit has been largely due to a $225 million (Rs1,432 crore) tax reversal in the United States, the company's biggest market.

Operating profit at Rs 4,319 crore was flat (0.4 per cent) annually but 1.7 up sequentially in rupee terms and at $669 million grew 4.5 per cent annually and 1.4 per cent quarterly in dollar terms.

Consolidated net profit for the three-month period ended 31 December 2017 was Rs5,129 crore, showing a growth of 38.3 per cent year-on-year and a 37.6 per cent growth sequentially.

"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".

On Wednesday, the firm reported a one-time gain of Rs 14.32 billion due to tax reversals after it signed an Advance Pricing Agreement (APA) with the US Internal Revenue Service (IRS), which reflected in the rise in profit.

In October, the company had lowered its revenue guidance for the full year ending March 31, with an expected growth of between 5.5% and 6.5% in terms of constant currency from an earlier estimate of 6.5%-8.5%. 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 USA dollar. "We have had a strong performance in a tough quarter", said Nilekani.

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Cash flow from operations increased by a whopping 49 per cent to $657 million from $441 million quarter ago.

Pravin Rao, COO of Infosys said, "During the quarter, we provided compensation increases and higher variable payouts to our employees".

"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.

Infosys's operating margin improved 10 basis points sequentially to 24.3% from 24.2% in the July-September period.

"Our cash generation continued to be robust during the quarter".

Parekh's appointment came after several months of public spat between the founders and Sikka along with some board members, on issues of corporate governance and transparency. "We successfully executed the share buyback of Rs13,000 crore in line with our capital allocation policy".

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