Infosys Q3 results: Profit rises 21.35 pct to Rs 2,875 crore, beats estimates

Jan 10 2014, 21:43 IST
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With NR Narayana Murthy at helm, Infosys is back to being IT bellwether. With NR Narayana Murthy at helm, Infosys is back to being IT bellwether.
SummaryInfosys Q3 results unveiled, guidance raised, growth projected at 12 pct.

continue to remain focused on making investments necessary to secure and grow our future.

Infosys was also helped by a renewed focus on winning big-ticket contracts after a string of disappointing results led it to change a strategy of developing its own products.

Investors has raised concerns about the company's prospects after several high-profile executives left in the last six months after the company's founder, NR Narayana Murthy, returned in June last year to lead the turnaround.

Infosys is a bellwether of India's export-driven $108 billion IT outsourcing industry. Worldwide IT spending growth is expected to accelerate to more than 5 percent in 2014 after dipping last year to its slowest pace of growth since the financial crisis, according the International Data Corporation.

Infosys, whose customers include Bank of America Corp and BT Group Plc, said profit for the three months ended December 31 was Rs 2,875 core ($463 million), compared with Rs 2,369 crore a year earlier.

Infosys had reported a better-than expected sequential sales growth in dollar terms in both June (2.7%) and September (3.8%) quarters.

Infosys shares surge on stronger revenue forecast

(AP) Leading Indian IT outsourcer Infosys posted higher quarterly profit and raised its revenue projection for the year on Friday after gaining more than 50 international clients.

Shares of the Bangalore-based company surged by 3 percent after it reported net profit of $463 million, up 6.7 percent for the October to December quarter. It raised its revenue growth outlook for the financial year ending March to between 11.5 and 12 percent, up from 9-10 percent.

The robust performance raised hopes that Infosys is regaining its footing under chairman N.R. Narayana Murthy, a founder of the company who was brought back last year and has embarked on a campaign of restructuring and cost cutting.

The company said it added 54 new clients during the quarter. It reported revenue of $2.1 billion for the three months, up 10 percent over the same period last year.

Infosys was one of many Indian outsources that suffered lower spending by foreign clients during the global downturn but orders have recently picked up from the U.S. and Europe.

''We believe the global economic environment has improved and our clients are gaining confidence to invest,'' said managing director S.D. Shibulal.

Several top executives have left Infosys in the past year, including chief financial officer V. Balaknrishnan in December. The company this month named two new presidents to beef

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