Thursday, January 14, 2016

Infosys Q3 net at Rs 3465 cr, delivers strong numbers yet again

Infosys, India’s second largest IT services company on Thursday beat the street’s estimates with better than expected financial numbers for the quarter ended December 31, 2015.

The Bengaluru-based company reported 6.6 per cent growth in net profit to Rs 3465 crore while its revenues grew 15.3 per cent at Rs 15,902 crore when compared with the corresponding quarter in the previous fiscal. The company’s growth was supported by a strong volume growth (growth in billed manpower in a quarter) of 3.1 per cent on QoQ basis.
Sequentially (when compared with Q2 FY15), the net profit grew close to 2 per cent while revenue grew 1.7 per cent. In dollar term, the company’s revenues at $2,407 million reflected a growth of 8.5 per cent on YoY basis while sequentially the growth was 0.6 per cent. The net profit growth at 0.4 per cent to $524 million was nearly over the same period last year while on QoQ basis the growth was 0.9 per cent.

A survey made by Bloomberg based on consensus analysts’ estimates had said that Infosys was expected to report Rs 15689 crore in revenues with a net profit of Rs 3362 crore. The dollar revenue of the company was estimated to be at $2394 million. 
The stock has jumped over 4% post the results and is trading around Rs 1135 currently. 

"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. This combination helped us deliver encouraging results despite the traditional seasonality of the quarter and the additional headwinds, and will strengthen the execution of our strategy towards consistent profitable growth,” said Vishal Sikka, CEO and MD of Infosys.  

The company has also raised its revenue guidance to 12.8%-13.2% in constant currency and 16.2%- 16.6% in INR terms on Dec 31st, 2015 exchange rates. Earlier the company had said that it was expecting its revenues to grow 10-12 per cent in constant currency.

Earlier, Tata Consultancy Services (TCS), the sectoral leader in India had seen lower revenue growth which it had attributed to the furloughs (extended holidays) in its main market - the United States and the impact of Chennai floods.

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