Infosys achieves ‘better than expected’ net profit, appoints Ravikumar as deputy COO

Along with heading the global delivery organization, Ravikumar will look after certain strategic business enabling functions and will be based in India.

By: News Desk |
January 13, 2017 11:39 am

After sending the shares 3 percent in early trade on January 13, the Infosys has reported a net profit of Rs 3,708 crore in the December quarter which was more than expected.

Infosys also appointed Ravikumar S. as deputy chief operating officer reporting to the chief operating officer, Pravin Rao. Along with heading the global delivery organization, Ravikumar will look after certain strategic business enabling functions and will be based in India.

Further, Infosys has amended its revenue forecast keeping in mind the street fear.

In dollar terms, the company has reported revenues of $2,551 million for the quarter ended December 31, 2016, a decline of 1.4 percent sequentially. However, it was in-line with the Street’s estimates. Infosys also reported a better-than-expected operating margin of 25.1 percent.

“Taking into account seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations,” said Vishal Sikka, the CEO and MD.

Attrition at Infosys declined sequentially by 0.8 percent on a standalone basis and 1.6 percent on a consolidated basis. “In a seasonally soft quarter, our utilization has remained healthy,” said UB Pravin Rao, COO. “Our continued efforts to improve employee engagement and experience resulted in a reduction in attrition.”