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Infosys Share Price Outlook Post Q3 Earnings; Should You Hold?

13 January 2018

The company also announced that, with the appointment of Salil Parekh as the CEO and Managing Director of the company for a period of 5 years, the Committee of Directors stands dissolved with effect from January 12, 2018.

Infosys's profit rose to $796 million in the quarter ended December, compared with $578 million in the September quarter, as the Bengaluru-based company booked a $225 million gain made on reversal of income tax expenses in the US.

With nine months gone, the company has grown at 5.6% in constant currency terms so far.

Yesterday, Infosys competitor Tata Consultancy Services reported a 3.6% drop in net profit in Q3 due to a soft financial services performance.

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The Indian MNC earlier reported a net profit of United States dollars 796 million, thus registering a quarterly growth of 37.6 percent, and YoY growth of 45.4 percent. Infosys's move to retain its growth outlook indicates that the company expects its revenue to decline by 0.61% in the fourth quarter in the worst-case scenario.

Infosys was dealt a fresh blow with the exit of company veteran Rajesh Krishnamurthy, president, and head of energy, utilities, telecommunications and the Infosys consulting division.

IT major on Friday declared its earnings for the third quarter.

"It is a privilege for me to be appointed as the CEO and MD of Infosys, helping our clients navigate the digital future and employees build new skills and capabilities".

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Mr. Sikka, who quit the company in August a year ago, had set a goal of $20 billion in revenue by 2020, which has since been abandoned. The same was reiterated by Infosys COO UB Pravin Rao while addressing a press conference post the release of the company's third quarter results.

"This is a phenomenal company that was started by people who had tremendous vision".

Infosys explained that during the December 2017 quarter, it had signed an Advance Pricing Agreement with the United States administration that had led to reversal of income tax expense provision of Rs 1,432 crore. They had created something which will last a very long time. 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. My hope and expectation will be to be connected to the founders as the original people who started the company and pay respect to them in that light.

The management added that the company has added one client in the $100 million band and three clients in the $75 million range.

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Infosys Share Price Outlook Post Q3 Earnings; Should You Hold?