Wednesday, 26 September, 2018

Infosys Issues FY18 Revenue Guidance; Rajesh Murthy, President, Resigns

Infosys new CEO Salil Parekh Infosys new CEO Salil Parekh
Laurie Berry | 12 January, 2018, 22:54

Profit rose 38.3 percent to 51.29 billion rupees (6 million) in the three months ended Dec 31, Infosys said on Friday.

"Increased adoption of our digital offerings and new services helped stabilise" billing rates, COO Pravin Rao said in the press release.

Infosys explained that during the December 2017 quarter, it had signed an Advance Pricing Agreement with the USA administration that had led to reversal of income tax expense provision of Rs 1,432 crore.

Infosys reported a rise in net profit of 38.3 percent from a year earlier to 51.29 billion rupees ($806 million) for the quarter to December 31, way above analysts' estimates.

Infosys said it has completed the previously announced shareholder consultation. Sikka quit in August after three years at the helm of Infosys, a stint marked by a feud between some founders of the company, led by N.R. Narayana Murthy, and the previous board. The earnings per share of the company grew by 39%, and stood at Rs 22.55, as against Rs 16.22 in the corresponding quarter last fiscal. "Our Q3 performance is strong....24.3% operating margin with $593 million of free cash flow".

Crew Members Still Missing After Oil Tanker Collision
Officials have not yet established the cause of the collision, which happened off the coast of China, near Shanghai. The National Iranian Tanker Co. describes itself as operating the largest tanker fleet in the Middle East.

Underlining the huge potential of the digital business, Infosys CEO and MD Salil Parekh today said it is a critical element of the market. Mr. Parekh, 53, an ex-Capgemini veteran, said. There are exciting opportunities in IT services market.

"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", Parekh said, referring to the recent turmoil surrounding the departure of his predecessor Vishal Sikka.

Earlier this week, Infosys had signed an Advance Pricing Agreement (APA) with the USA revenue department, which will result in reversal of tax provisions of about $225 million. Infosys also maintained its expectation for full-year revenue growth of between 5.5 and 6.5 percent.

Infosys's operating margin improved 10 basis points sequentially to 24.3% from 24.2% in the July-September period.

"During the quarter, we provided compensation increases and higher variable payouts to our employees. Our cash generation continued to be robust during the quarter." said M.D. Ranganath, CFO. "Our investments in employees continue to deliver results as reflected in lower attrition". "We successfully executed the share buyback of ₹13,000 crore in line with our capital allocation policy". Parekh is sixth CEO in Infosys' 36-year long history and second non-founder CEO hired at India's second largest company. "We maintain our reduce rating on the stock", Emkay Global Financial Services said in a note to clients.

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