Infosys shares gain nearly 5 % on Q3 earnings

Infosys shares gain nearly 5 % on Q3 earnings

Infosys' shares on Monday closed with nearly 5 per cent gains after the company reported a 23.7 per cent rise in consolidated net profit for the December 2019 quarter.

The IT services major on Friday also said its audit committee has found no evidence of financial impropriety or executive misconduct, virtually giving a clean chit to CEO Salil Parekh and CFO Nilanjan Roy who were accused by anonymous whistleblowers of rigging the company's balance sheet.

The scrip climbed 4.76 per cent to close at Rs 773.40 on the BSE. During the day, it jumped 5.32 per cent to Rs 777.55.

On the National Stock Exchange (NSE), it gained 4.65 per cent to close at Rs 772.50.

It was the top gainer on both Sensex and Nifty during the day.

In terms of traded volume, 9.69 lakh shares of the company were traded on the BSE and 3.6 crore shares on the NSE during the day.

The country's second-largest IT services major Infosys on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December 2019 quarter, which the company executives called satisfactory.

The company had posted a net profit of Rs 3,610 crore in the year-ago period, Infosys said in a BSE filing.

Its revenue during the October-December 2019 period grew 7.9 per cent to Rs 23,092 crore, compared with Rs 21,400 crore in the corresponding period last fiscal, it added.

The company has raised its revenue outlook for 2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.

In October, Infosys had told stock exchanges of having received anonymous whistleblower complaints alleging certain unethical practices by the top management. It then started a probe into the matter and roped in external investigators.

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