Analysts at HDFC Securities projected profits of Rs 5,182 crore, including the tax reversal, which implies they expected Infosys to report profit growth of 1 percent, excluding the tax reversal component.
Infosys explained that during the December 2017 quarter, it had signed an Advance Pricing Agreement with the United States administration that had led to reversal of income tax expense provision of Rs 1,432 crore.
In US dollar terms, Infosys' net profit grew to USD 796 million in the said quarter, while revenues were at USD 2.7 billion from the year-ago period.
Revenue for the nine months ended 31 December 2017 stood at Rs52,439 crore, showing an year-on-year growth of 2.1 per cent in reported terms and 5.6 per cent growth in constant currency terms.
The company posted consolidated revenue of $10.2 billion or Rs 68,484 crore for fiscal 2016-17.
"On account of the conclusion of an APA (Advance Pricing Agreement) with the US Internal Revenue Service during the quarter, net profit for Q3 increased", it added in the statement.
Investors and market watchers are expecting to hear from Infosys' new CEO Parekh on his strategy to spur growth for the company that is trying to put behind the nearly year-long public standoff between its high-profile promoters and the past leadership.
The company also had written down an unspecified amount invested in its innovation fund investment DWA Nova LLC, which impacted its net profit by $11 million (Rs 70 crore). "We had 8 per cent year-on-year growth and 24.3 per cent operating margin with $593 million of free cash flow".
Newly appointed Infosys Chief Executive Officer and Managing Director Salil Parekh said on Friday he will stay connected with the founders so the company stays true to its vision and beliefs, and announced he will outline a new strategy in April.
"We are progressing towards stability and are well positioned to serve our clients in the new areas of demand", Parekh said in a press release, after close of Mumbai trading on Friday.
Recalling his pleasant interaction with the founders at the Infosys Prize event two days ago, Parekh said he would continue to have a cordial relationship with them.
Chief Financial Officer M.D. Ranganath said operating margins were stable on improvement in efficiency parameters.
Parekh's appointment came after several months of public spat between the founders and Sikka along with some board members, on issues of corporate governance and transparency.
COO Pravin Rao said: "Increased adoption of our digital offerings and new services helped stabilize price realization. We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy", he added.
Aside from Samsung, LG , Motorola , and Alcatel have also chose to activate the FM chips in their smartphones. Apple , however, has declined to do so, saying the latest generation iPhones do not have the FM radio chips.
No decision has yet been made about Beardsley's long-term future at the club he graced in two separate spells as a player. A talented forward, the 56-year-old Beardsley played 59 times for England including at the World Cup in 1986 and 1990.
Sam Shamburger, lead forecaster with NWS, says that a mix of freezing rain, sleet, and snow will impact travel across the area. The Modesto Irrigation District reported that more than half of an inch of rain had fallen in downtown Modesto on Tuesday.
Rumors had been swirling all day, but at Nintendo Direct Mini, Dark Souls: Remastered was formally announced for the Switch. According to Dark Souls Remastered's store page , all Steam owners of Dark Souls: Prepare To Die will get a 50% discount.
He has said his resolution this year was to fix Facebook , and it looks like he sees this as a step in that direction. It's worth noting that a lot of people were already not seeing much news in their feeds anyway.
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People usually get sick from E. coli O157:H7 three to four days after eating food contaminated with the germ. Consumer Reports say you should also stay away from romaine lettuce served in a cafeteria or restaurant.
The college football season ended on Monday night, with Alabama claiming their fifth national championship in the last decade. A future meeting of the teams would do nothing to change the outcome of 2017, but it'd still be fun, and fun things are good.
While the White House has pushed back against the book, " Fire and Fury " has been a best seller since it was released last week. President Donald Trump Trump responded at the time by slamming Bannon in a fiery statement, saying Bannon had " lost his mind ".
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