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Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency

12 January 2018

Infosys total employees stood at 2,01,691 as on December 2017, higher from 1,98,440 employees as on September 2017 and 1,99,763 employees in December 2016.

"Increased adoption of our digital offerings and new services helped stabilize price realisation".

Revenue for the nine months ended 31 December 2017 stood at Rs52,439 crore, showing an year-on-year growth of 2.1 per cent in reported terms and 5.6 per cent growth in constant currency terms.

"The Board places on record its deep appreciation for his commitment to Infosys over the last 26 years and wishes him the very best for his future endeavours", the company said in a statement here today.

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The conclusion of the agreement had a positive impact on consolidated basic earnings per share in the quarter by about 6.29 rupees.

Sikka left abruptly in June following criticism from several executives, led by co-founder Narayana Murthy, over strategy and alleged corporate governance lapses. ".Our Q3 performance is strong".

Infosys, announcing its first results under new CEO Salil Parekh, said its profits had been buoyed by a deal signed with the United States tax department. "Beyond that, any other interaction will be a social interaction", said Parekh. We are progressing towards stability and are well positioned to serve our clients in the new areas of demand. We are focusing on market opportunities, client relationships, people, and service portfolio.

Infosys Ltd ( INFY ) announced for the fiscal year ending March 31, 2018, the company expects, under IFRS: revenues to grow 5.5%-6.5% in constant currency; or revenues to grow 6.5%-7.5% in Dollars terms based on the exchange rates as of December 31, 2017. Infosys will also be looking to firmly return its focus to business growth after a tumultuous year that ended with former CEO Vishal Sikka and much of his board leaving, to be replaced by Salil Parekh within months.

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"During the quarter, we provided compensation increases and higher variable payouts to our employees".

M.D. Ranganath, CFO said operating margins were stable due to broad-based improvement in operational efficiency parameters. "Our investments in employees continues to deliver results as reflected in lower attrition".

"Our cash generation continued to be robust during the quarter", he said.

"In accordance with the APA, the company expects to reverse tax provisions of approximately $225 million made in previous periods which are no longer required (both under International Financial Reporting Standards and Indian Accounting Standards)", it added. "We successfully executed the share buyback of Rs13,000 crore in line with our capital allocation policy".

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Infosys reports in-line quarter, revenue up 5.8% YoY in constant currency