Infosys posts better-than-expected Q3 profit on tax deal

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The company posted consolidated net profit of Rs 5,129 crore, rising by 38.32% from Rs 3,708 crore in the corresponding period of the previous year.

India's second-largest outsourcer by revenue, after Tata Consultancy Services Ltd., said that its profit in the three months ended December 31 was 51.29 billion rupees ($805 million), compared with 37.08 billion rupees a year ago.

Analysts on average expected the IT firm to post a profit of 37.10 billion rupees, Thomson Reuters data showed.

The latest quarter included a reversal of income tax provision worth 14.32 billion rupees on account of the completion of an advance pricing agreement with the U.S. Internal Revenue Service, the company said.

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For the third quarter, revenue in constant currency was up 0.8% on quarter, and 5.8% year on year.

Where Infosys retained its guidance for the year, signaling stability in business environment for the company, TCS expects a rebound on the back of strong growth in key sectors, like retail, and in major markets, like the US. Parekh was subsequently named the new CEO in December.

Infosys said Rajesh K Murthy, President, has resigned from the company citing personal reasons and will be with the company till January 31, 2018.

An employee of the company for 26 years, Murthy was responsible for the global Energy, Utilities, Telecommunications and Services business unit, including setting the vision, creating and implementing strategy, and driving growth.

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After years of double-digit revenue growth, India's software industry is facing a slowdown as new internet technologies such as artificial intelligence and cloud computing make some of its people-heavy services obsolete.

After an in-line number results from Tata Consultancy Services, Infosys too failed to spring a surprise in the December quarter. "We see things to start improving in next two quarters", he said.

However, Infosys' Chief Operating Officer U.B. Pravin Rao said increased adoption of digital solutions and new services has helped stabilize its price realization that has been under pressure for almost two years.

Infosys' contant currency revenue growth came in at 5.6% as on December 2017.

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The company's shares closed 0.26% higher, at Rs 1,078.40 on Bombay Stock Exchange.

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