TCS stock slips 1% after Q3 numbers

by Sharon Huff | January 12, 2018 | 15:52
TCS stock slips 1% after Q3 numbers

The Bengaluru-based company has reported net profit of Rs 5,129 crore in the quarter ended December, 2017, up 38.3 per cent, compared to Rs 3,708 crore during the same period previous year, Infosys said in a filing to the stock exchanges.

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.

The company said that its attrition rate, which is the ratio of individuals who left the company to those who joined it, declined to 15.8% in the third quarter from 17.2% in the second.

The company's shares closed 0.26% higher, at Rs 1,078.40 on Bombay Stock Exchange.

Meanwhile, reports suggest that Pravin Rao will be retained as Whole-time Director till 2022, while CEO Salil Parekh's term will be for five years.

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

The Mumbai- and New York-listed company also maintained its dollar revenue growth outlook for this fiscal year between 5.5% and 6.5%, barring currency fluctuations.

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In August, Infosys saw a massive leadership change after the then Chief Executive Vishal Sikka abruptly quit amid simmering tensions with company co-founder N.R. Narayana Murthy. ".Our Q3 performance is strong".

On a sequential basis, the company's net profit rose 37.6 per cent, while revenues were up 1.3 per cent in rupee terms. "We had 8% year-on-year growth and 24.3% operating margin with US$ 593 million of free cash flow".

Parekh said, "We are progressing towards stability and are well positioned to serve our clients in the new areas of demand".

Infosys' earnings came a day after larger rival Tata Consultancy Services reported a better-than-expected net profit on the back a surge in digital revenues.

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.

Meanwhile, Rajesh K. Murthy, President, has resigned from the company citing personal reasons.

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