Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency

Infosys Ltd, India's second largest software services exporter, on Friday reported a 38% sequential jump in third-quarter net profit, helped by a one-time gain, and maintained its full-year revenue forecast.

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.

Infosys Ltd ( INFY ) announced for the fiscal year ending March 31, 2018, the company expects, under IFRS: revenues to grow 5.5%-6.5% in constant currency; or revenues to grow 6.5%-7.5% in United States dollars terms based on the exchange rates as of December 31, 2017.

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

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Consolidated revenue, however, grew 8 per cent annually to $2,755 million from $2,551 million in the like period year ago but remained flat (1 per cent) sequentially from $2,728 million a quarter ago.

In rupee terms, there was a growth of 1.3%.

For the fiscal year ending March 2018, Infosys expects to grow between 5.5% - 6.5% in constant currency. This was largely due to lower tax expenses.

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).

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Chief Finance Officer M D Ranganath said that there has been 23 per cent growth in free cash flow over the last nine months.

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

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". As per the pact, Infosys reversed tax provisions of about $225 million made in previous periods.

Mr. Sikka, who quit the company in August previous year, had set a goal of $20 billion in revenue by 2020, which has since been abandoned.

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He said that building on strategy initiated by Infosys Chairman Nandan Nilekani, the company is conducting a review structured around four dimensions, namely, new market opportunities, client relationships, people, and service offering portfolio. "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy".


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