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November 2017
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Business News
INFOSYS Q2: PAT at Rs 3,726 cr, FY18 revenue guidance cut
 
(Mumbai, Oct 24, 2017):Non-Executive Chairman, Infosys Nandan Nilekani addresses a press conference at Infosys campus in Bengaluru. BS photo by Saggere Radhakrishna

The country's second-largest software services firm, Infosys, reported its September quarter numbers post market hours today.

During the quarter under review, profit after tax came in at Rs 3,762 crore, as compared to Rs 3,483 crore in the previous quarter. Revenue at Rs 17,567 crore during the quarter was 2.9% higher as compared to Rs 17,078 crore (q-o-q).

Revenue of the Bengaluru-based firm grew 1.4 per cent to Rs 17,567 crore in the September quarter of the current fiscal, as against Rs 17,310 crore in the year-ago period.

The company lowered its revenue growth forecast for 2017 -18 to the 5.5-6.5 per cent range, from the earlier 6.5-8.5 per cent in constant currency.

"During the quarter, we responded quickly to the management and Board changes through proactive communication with all stakeholders minimising any negative impact to the business and allowing us to deliver growth across all our large industry units," Infosys Interim CEO and Managing Director UB Pravin Rao said in a statement.

On a sequential basis, the company's net profit rose 6.9 per cent and revenues by 2.8 per cent in rupee terms.

The Infosys board, under new chairman Nandan Nilekani, gave clean chit to Panaya acquisition, saying there was no wrongdoing.

"After careful consideration led by our Chairman, the Board reaffirms the previous findings of external investigations that there is no merit to the allegations of wrongdoing," the statement said.

The earnings for this quarter holds significance as this will be the first result announcement after co-founder Nandan Nilekani took charge as the company's new non-executive chairman after the sudden resignation of then CEO Vishal Sikka and the exit of four board members, including then chairman R Seshasayee.


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