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Infosys Reports 23.5% Increase In Q3 Profit
On Friday, Infosys Ltd reported a 23.49 percent increase in profit to Rs 4,457 crore for the December-ended quarter when compared to Rs 3,609 crore posted for the period of the previous year.
The company revenue during the third quarter of the financial year 2019-20 was up by 7.9 percent to Rs 23,092 crore from Rs 21,400 crore a year ago.
The Bengaluru-based IT company's operating margins for the quarter were at 21.9 percent as against 22.6 percent in December 2018.
During the quarter, Infosys added 84 new clients and bagged $1.8 billion in large orders, it said in the regulatory filing.
It raised revenue growth forecast in constant currency to 10-10.5 percent for the financial year 2019-20 from 9-10 percent earlier.
"Overall performance during the quarter was satisfactory on multiple counts - broad-based growth, steady increase in client metrics and healthy large deal wins", said COO Pravin Rao.
"Large deal wins continue to be robust with growth of 56% so far this year. We had a further reduction in attrition,
demonstrating the results of our continued efforts towards strengthening employee engagement and value proposition," he added.
"Cash generation was extremely strong with cumulative free cash flow crossing $ 1.5 bn. Return on Equity increased further to 25.9% driven by margin expansion and increased shareholder payouts," said CFO Nilanjan Roy.
Shares of Infosys Ltd closed 1.61 percent lower at Rs 739.25 apiece ahead of the results announcement on Friday.
In a separate filing, the company said that its audit committee found no merits in the allegations made by whistleblowers on the chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy of malpractices.
