January 13, 2017 9:52:09 am
Infosys Ltd, the country’s second-biggest software services exporter reported a 7 per cent rise in third-quarter net profit on new client wins on Friday, beating street estimates. Infosys posted a quarterly net profit of Rs 3,708 crore compared to Rs 3, 465 crore a year earlier. Analysts, on average, had expected a profit of Rs 3,544 crore on revenue of Rs 17,301 crore according to Thomson Reuters data. Revenue rose 8.6 per cent to Rs 17,273 crore. Infosys also said it expected revenue to grow between 8.4 percent to 8.8 percent in constant currency terms in the fiscal year to March.
According to the data released by Infosys, 77 new clients were added in third quarter and current client count stands at 1,152. There was also a gross addition of 9,120 employees in Q3 of FY17 bringing up the total count to 1,99,763 employees as on December 31, 2016.
“Taking into account seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations,” said Vishal Sikka, CEO and MD in a press statement. “In a seasonally soft quarter, our utilization has remained healthy.” said U B Pravin Rao, COO.
Infosys had earlier reported a 6.1 per cent rise in second-quarter net profit. It had expected revenue to grow between 8 per cent and 9 per cent in constant currency terms in the fiscal year to March 31, 2017. IT companies such as Infosys have struggled in 2016 as major clients in the United States and Europe, their biggest markets, held back discretionary spending, awaiting clarity on policy changes under US President-elect Donald Trump’s administration, and changes following the UK’s Brexit move.
Best of Express Premium
🗞 Subscribe Now: Get Express Premium to access our in-depth reporting, explainers and opinions 🗞️
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.