Mumbai, Jan 12: Infosys, the country’s second-largest software services provider, reported a growth of 37.7 per cent in net profit for the third quarter of this fiscal. Infosys retained full-year revenue guidance as well in the third quarter. Infosys’ profit for the quarter stood at Rs 5,129 crore against Rs 3,726 crore in the same period last year, the company said in its filing. This was largely due to lower tax expenses.
“During the quarter, on account of conclusion of an Advance Pricing Agreement with the US Internal Revenue Service, the company has reversed income tax expenses provision of USD 225 million (Rs 1,432 crore) which pertains to previous periods which are no longer required,” Infosys explained.
In a regulatory filing on the BSE, the IT major said consolidated revenue, however, grew 3 per cent annually to Rs 17,794 crore for the quarter under review (Q3) from Rs 17,273 crore in the same period year ago. Sequentially too, revenue growth was flat (1 per cent) from Rs 17,657 crore quarter ago.
Under the International Financial Reporting Standard (IFRS), or in dollar terms, net income shot up 45 per cent annually to $796 million in Q3 from $547 million in the like period year ago and 37.6 sequentially from Rs 578 crore a quarter ago. Consolidated revenue, however, grew 8 per cent annually to $2,755 million from $2,551 million in the like period year ago but remained flat (1 per cent) sequentially from $2,728 million a quarter ago.