Infosys profits up by over 23% at Rs 4457 cr against 3609 cr in the year-ago period

IT major Infosys today announced its financial results for the quarter ended 31 December posting 23.49 percent year-on-year rise in profit at Rs 4457 cr as against Rs 3609 cr during the corresponding period in the last financial year. Infosys' revenue for the quarter rose 7.9 percent to Rs 23,092 crore compared with Rs 21,400 crore in the year-ago period.

In dollar terms its revenue stood at $3,243 million, growing YoY at 8.6% and 9.5% in constant currency terms.

Infosys CEO and MD Salil Parekh said the Q3 results further underscore that the company remains steadfast in its journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next in the digital transformation era. “For us, this has translated into double-digit growth year-to-date, leading to an increase in revenue guidance, accompanied by expanding operating margins," he added.

The Bengaluru-based company raised revenue growth forecast in constant currency terms to 10-10.5 percent for FY20 from 9-10 percent earlier. Operating margins for the quarter came in at 21.9 percent, a fall of 60 basis points over 22.6 percent in the December quarter of 2018.

Infosys added 84 new clients added in the December quarter.

The company reported operating profit of Rs 5064 crore during the quarter ended 31 December quarter which was an increase of 4.8 percent on annual basis from Rs 4,830 crore in the same quarter during 2018-19 (Apr-Mar). Operating margin improved 20 basis points in  Q3 FY20 to 21.9 percent, in comparison to that in Q2 FY20.

Among other top news for Infosys, the audit committee found no evidence of financial impropriety or executive misconduct. The audit committee investigating anonymous whistleblower complaints against its CEO Salil Parekh for allegedly leading an effort to shore-up profits through irregular accounting has found no evidence of financial impropriety or executive misconduct, Infosys said in a statement.

The total headcount for the company stood at 243,454 at the end of December 2019 with an addition of 6968 people. The attrition rate was over 19%.

Infosys announced its results after market hours. Its shares ended at Rs 738.25 on the BSE and were up 1.5% from the previous close.