Infosys beats Q3 estimates, net profit up 23.5 per cent

IT major Infosys on Friday reported a 23% year-on-year (YoY) rise in its net profit to Rs 4,457 crore for the third quarter of FY20, up from Rs 3,609 crore profit in the year-ago quarter.

The company also increased its FY 20 revenue guidance to 10-10.5% in constant currency terms. The company also maintained an operating margin guidance range of 21% to 23%. Revenues stood at Rs 23,092 crore, a growth of 9.5% in constant currency terms. Basic earnings per share stood at Rs 10.51, an increase of 26.6% year on year and 11.2% quarter on quarter.

The company reported a whopping 40.8% year-on-year growth and stood at $1,318 million(contributing to 40.6% of the total revenues) and saw sequential growth of 6.8% in constant currency terms

"The results further underscore that we remain steadfast in our journey of sustained client relevance and deepening engagement with them, as they partner with us in navigating their next in the digital transformation era. For us, this has translated into double digit growth year-to-date, leading to an increase in revenue guidance, accompanied by expanding operating margins.” said Infosys CEO and MD Salil Parekh.