Infosys Q3 profit falls 29.6 per cent, misses estimateshttps://indianexpress.com/article/business/companies/indias-infosys-q3-profit-falls-29-6-per-cent-misses-estimates-5533950/

Infosys Q3 profit falls 29.6 per cent, misses estimates

Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm's deal with the US Internal Revenue Service.

India's Infosys Q3 profit falls 29.6 per cent, misses estimates
Infosys India’s second-biggest software services exporter

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations.

Profit attributable for the three months through Dec 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon.

Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm’s deal with the US Internal Revenue Service.

India’s second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

($1 = 70.4960 Indian rupees)