Bengaluru: Infosys on Friday posted over 38 per cent jump in third quarter net profit after it got a tax benefit from US operations.
Salil Parekh, Infosys’ new CEO, who took over last week, maintained the sales growth forecast and said he will lay out strategic priorities for the company by April.
Its net profit for the October-December quarter, at Rs5,129 crore or Rs22.53 per share, was 38.3 per cent higher than Rs3,708 crore in the year-ago period. While sales rose by a mere 3 per cent to Rs17,794 crore, it got $225 million from tax-provision reversals by the US.
The conclusion of the Advance Pricing Agreement with US authorities led to the reversal of tax expense provision of Rs1,432 crore, which had a positive impact on the consolidated basic earnings per share in the quarter.