Infosys shares climb nearly 5% as company’s Q3 net profit climbs 23.7%

Infosys Share Price Today: This apart, Infosys said that its audit committee did not find any evidence of financial impropriety or executive misconduct by the company in its independent investigation into allegations contained in the anonymous whistleblower complaints that the company disclosed on October 21, 2019, and determined that the allegations were substantially without merit.

Infosys, Infosys Q3 results, Infosys Q3 net quarter, Business news, Indian Express

Infosys reported a net profit of 4,466 crore for the quarter ended December 31, 2019. The net profit during the quarter was up 23.71 per cent from Rs 3,610 during the same period year ago.

Infosys Share Price: Shares of information technology (IT) heavyweight Infosys settled nearly 5 per cent higher on the BSE and National Stock Exchange (NSE) on Monday after the company on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter (Q3).

The stock of the IT giant settled at Rs 773.40 apiece on the BSE, up Rs 35.15 (4.76 per cent). During the day, the scrip had risen as much as 5.32 per cent to Rs 777.55 on the bourse.

On the NSE, the stock ended at Rs 772.50 apiece, up Rs 34.35 (4.65 per cent). It had risen 5.33 per cent to Rs 777.50 during the intraday.

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In terms of trade volumes, over 9.69 lakh shares were traded on the BSE during the day, while on NSE, over 3.69 crore shares exchanged hands.

In a filing to the stock exchanges, the IT services major reported a net profit of 4,466 crore for the quarter ended December 31, 2019. The net profit during the quarter was up 23.71 per cent from Rs 3,610 crore during the same period year ago.

The revenues of the company grew 7.91 per cent on-year to Rs 23,092 crore during the December quarter, the release shared with the BSE said.

The company maintained the FY20 operating margin guidance range of 21-23 per cent and increased its revenue guidance range for the financial year to 10-15 per cent in constant currency terms.

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Digital continues to drive the revenue growth for the firm and now contributes 40.8 per cent of the overall revenue. North America remains the major contributor at 61.3 per cent despite uncertainties from macroeconomic factors prevailing in the region.

Separately, the IT firm in an exchange filing to the exchanges said that its audit committee did not find any evidence of financial impropriety or executive misconduct by the company in its independent investigation into allegations contained in the anonymous whistleblower complaints that the company disclosed on October 21, 2019, and determined that the allegations were substantially without merit.