Infosys October-December quarter net profit up 23.7% at Rs 4466 cr; raises FY20 revenue outlook to 10-10.5%

Bengaluru: Country’s second-largest IT services major Infosys on Friday reported a 23.7 percent rise in consolidated net profit at Rs 4,466 crore for the December quarter. The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing. Its revenue grew 7.9 percent to Rs 23,092 crore in the quarter under review from Rs 21,400 crore in the corresponding period last fiscal, it added. The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 percent, from its topline guidance of 9-10 percent given in October.

#3QWithCNBCTV18 | Infosys reports Q3 results with rise in net profit & revenue on a sequential basis; Here's what the CEO & MD of the company has to say pic.twitter.com/wERZPaMpbH

— CNBC-TV18 (@CNBCTV18Live) January 10, 2020

“Q3 results further underscore that we remain steadfast in our journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next in the digital transformation era,” Infosys CEO and MD Salil Parekh said. He added that this has translated into double-digit growth year-to-date, leading to an increase in revenue guidance, accompanied by expanding operating margins. Infosys COO Pravin Rao said large deal wins continue to be robust with growth of 56 percent 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. In US dollars, Infosys net profit grew 24.8 percent to $627 million in the December quarter, while revenues rose 8.6 percent to $3.24 billion. Its total headcount stood at 2,43,454 at the end of December 2019 with an addition of 6,968 people. The attrition rate was at 19.6 percent. In a separate statement, Infosys said its board’s audit committee has completed the independent probe into the anonymous whistleblower allegations and found “no evidence” of financial impropriety or executive misconduct.