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Infosys Q3 net profit up 6.6 percent, beats estimates

A weaker rupee helped as Infosys reported a bigger-than-expected 6.6 percent increase in quarterly net profit

By: Express Web Desk | Mumbai | Updated: January 14, 2016 1:29:28 pm
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Infosys Ltd, India’s second-largest software services exporter by revenue, reported a year-on-year rise of 6.6 per cent and a sequential growth of 2 per cent to Rs 3,465 crore for the third quarter ended December 2015.

The Bengaluru-headquartered company’s revenues at the end of the quarter grew by 1.7 per cent sequentially and YoY by 15.3 per cent to Rs 15,902 crore.

The company sprung surprise and raised its revenue guidance for FY16 backed by strong volume growth of 3.1 per cent for the October-December quarter, perceived traditionally as a seasonally weak quarter. Infosys raised the revenue guidance for FY16 to 12.8-13.2 per cent from its earlier projection of 10-12 per cent in dollar terms on a constant currency basis.

Sikka on the performance of Infosys said, “We are starting to see creative confidence blossoming within Infosys – David Kelley’s beautiful idea that innovation is not specific to one department but is an ability within all of us, waiting to unleash our full creative potential. We are seeing Infoscions becoming innovators, bringing innovation and client value to each individual project. This confidence can only come from a culture of learning and empowerment, and this is the kind of company we are endeavoring to create.”

“The healthy volume growth this quarter has been encouraging. The lesser working days and our investments into additional trainees resulted in softer pricing and utilisation for the quarter.” said U B Pravin Rao, President & COO. “Our continued focus on employee engagement is paying dividends resulting in lower attrition. We continue to simplify our policies and enable greater agility within the company, with the goal of boosting our productivity.”

Shares of the IT major were trading 6.62 per cent up at Rs 1154.00(at 1.34 pm) post third quarter results.

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