With the appointment of its new CEO and Mangaging Director Salil Parekh, the company further approved the dissolution of the Committee of Directors.
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.
Revenue for the nine months ended 31 December 2017 stood at Rs52,439 crore, showing an year-on-year growth of 2.1 per cent in reported terms and 5.6 per cent growth in constant currency terms.
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Adding to this, the company CFO Ranganath D Mavinakere opined that the growth reported is resilient on many dimensions, with improved operating margins as a result of broad-based improvement in operational efficiency. Infosys sales growth outlook for FY2017-18 is 5.5-6.5 per cent.
The company posted consolidated net profit of Rs 5,129 crore, rising by 38.32% from Rs 3,708 crore in the corresponding period of the previous year. Though Parekh has promised that the IT sector is growing at a burgeoning rate and the balance sheet of Infosys is penciling high, but the investors need to be cautious because the picture doesn't seem to be rosy, especially after the news of Infosys President Rajesh Murthy resigned has gone viral after the quarterly announcement. Krishnamurthy was overseeing well over $1 billion of the company's annual revenue. The figures - the company's third quarter - were helped by tax benefits from a deal with the U.S. Internal Revenue Service.
"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. Beyond that, any other interaction will be a social interaction", said Parekh. Revenue in dollar terms grew 0.8 per cent over the previous quarter, slower than larger peer Tata Consultancy Services in the same period, which grew 1.3 per cent.
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According to his LinkedIn profile, Murthy was "responsible for the global Energy, Utilities, Telecommunications and Services business unit, including setting the vision, creating and implementing strategy, and driving growth" at Infosys. 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.
Revenue from operations rose 3 percent to 177.9 billion rupees from a year earlier, with revenue from the financial services segment down 0.4 percent at 46.43 billion rupees, the company said.
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