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Infosys beats expectations, Q3 profit up by 6.6%

Country’s second-largest software firm Infosys on Thursday reported a 6.6 percent growth in its consolidated net profit at Rs 3,465 crore, a better-than- expected set of numbers, for the October-December quarter of the current fiscal.

Infosys beats

The Bengaluru-based firm’s net profit stood at Rs 3,250 crore in the corresponding period a year ago. The consolidated revenues in the third quarter rose 15.2 percent to Rs 15,902 crore from Rs 13,796 crore in the year-ago period, the company said.

The IT major also revised its current fiscal constant currency revenue guidance upwards to 12.8-13.2 percent. It had, in October 2015, forecast a revenue growth of 10-12 percent in constant currency.

“Alongside grassroots innovation, we continue to see growing adoption of our Aikido services, bringing the power of intelligent systems, automation and software to amplify the skills and imaginations of our people,” Infosys CEO and Managing Director Vishal Sikka said.

He added this combination helped the company deliver encouraging results despite the traditional seasonality of the quarter and the additional headwinds, and will strengthen the execution of its strategy towards consistent profitable growth. Reacting to the results, Infosys shares surged 4.08 percent in early morning trade to Rs 1,126.55 apiece.

The company’s net profit was higher 2 percent from Rs 3,398 crore in July-September 2015 quarter, while revenues grew 1.7 percent from Rs 15,635 crore in the second quarter of FY 2015-16. “We have been able to navigate the quarter better than our earlier expectations. We will continue to focus on enhancing operational efficiency through multiple levers in the coming quarters,” Infosys CFO M D Ranganath said.

In dollar terms, Infosys posted 0.4 percent jump in net profit to USD 524 million, while revenue was up 8.5 percent to USD 2.4 billion in the third quarter.

Its liquid assets including cash and cash equivalents, available-for-sale financial assets and government bonds were at Rs 31,526 crore as on December 31, 2015 as compared to Rs 32,099 crore as on September 30, 2015.

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