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Infosys net up 38% in Q3, lowers outlook (Second Lead)

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7 years ago

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Bengaluru, Jan 12 (IANS) Global software major Infosys on Friday reported a record 38 per cent increase in consolidated net profit annually in rupee terms for the third quarter (Q3) but lowered revenue outlook for fiscal 2017-18 to 2.1-3.1 per cent on an appreciating rupee.

In a regulatory filing on the BSE, it said net profit grew 38.3 per cent annually to Rs 5,129 crore for Q3 of 2017-18 from Rs 3,708 crore in the same period year ago and 37.6 per cent sequentially from Rs 3,726 crore quarter ago.

In dollar terms too, net income shot up 45 per cent annually to $796 million from $547 million in the like period year ago and 37.6 sequentially from Rs 578 million last quarter.

With the rupee appreciating against the US dollar over the months, the company lowered its consolidated annual revenue guidance to 2.1-3.1 per cent from 3-4 per cent in rupee terms but maintained the outlook at 6.5-7.5 per cent in dollar terms for 2017-18.

The company posted consolidated revenue of $10.2 billion or Rs 68,484 crore for fiscal 2016-17.

“The annual revenue is expected to grow 5.5-6.5 per cent in constancy currency (CC) in rupee and dollar terms, but 2.1-3-1 per cent in rupee terms, with the dollar at Rs 63.88 on December 31,” said the filing.

The revised outlook in rupee terms is lower than 3-4 per cent given on October 24 when dollar was Rs 65.29 on September 30 and 3-5 per cent on July 14 with dollar at Rs 64.58 on June 30.

The company reported consolidated revenue grew 3 per cent annually to Rs 17,794 crore for the quarter from Rs 17,273 crore in the same period year ago but was flat (1.3 per cent) sequentially from Rs 17,657 crore quarter ago.

In dollar terms, revenue 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 quarter ago.

“Operating margin improved fractionally (0.1 per cent) to 24.3 per cent in Q3 from 24.2 per cent in the second quarter,” said the city-based company in a statement, adding that the operating margin range would be 23-25 per cent for 2017-18.

Operating profit at Rs 4,319 crore was flat (0.4 per cent) annually but 1.7 up sequentially in rupee terms and at $669 million grew 4.5 per cent annually and 1.4 per cent quarterly in dollar terms.

Cash flow from operations increased by a whopping 49 per cent to $657 million from $441 million quarter ago.

“On account of the conclusion of an APA (Advance Pricing Agreement) with the US Internal Revenue Service during the quarter, net profit for Q3 increased,” it added in the statement.

In accordance with the APA, the company reversed income tax expense of $225 million (Rs1,437 crore) pertaining to previous periods, resulting in the profit increasing.

The company also had written down an unspecified amount invested in its innovation fund investment DWA Nova LLC, which impacted its net profit by $11 million (Rs 70 crore).

The company also earned $31 million (Rs 198 crore) from interest on income tax refund for the quarter.

Asserting that it was a privilege to be appointed the company’s Chief Executive, Salil Parekh said he would help its clients navigate the digital future and employees to build new skills and capabilities.

“We are progressing towards stability and are well positioned to serve our clients in the new areas of demand” said Parkeh in the statement.

Parekh, 53, joined the company on January 2 as the second non-promoter CEO and Managing Director after its first non-founder executive Vishal Sikka quit in August.

Prior to joining Infosys, Parekh was an executive board member of the Paris-based global consulting, technology and IT firm Capgemini for 25 years.

Chief Operating Officer Pravin Rao said increased adoption of digital offerings and new services helped stabilise price realization, and they were “able to grow client relationships across revenue categories”.

Chief Financial Officer M.D. Ranganath said operating margins were stable on improvement in efficiency parameters.

“Our cash generation continued to be robust during the quarter. We also executed the share buyback of Rs 13,000 crore in line with our capital allocation policy,” he added.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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2 months ago

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September 19, 2024

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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