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Infosys Ups Revenue Forecast As Profit Beats Street Estimates

The company's net profit for the three months to December rose 23.5 per cent to 44.57 billion rupees ($628.2 million).

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Infosys, India's second-biggest IT company, raised its revenue forecast range for the year due to upbeat demand for its software services from Western clients.

Bengaluru-headquartered Infosys said it expected revenue to grow between 10 per cent and 10.5 per cent on a constant currency basis in the year ending March 2020, compared with its previous forecast of between 9 per cent and 10 per cent.

The company's net profit for the three months to December rose 23.5 per cent to 44.57 billion rupees ($628.2 million), thanks to deal wins. That compared with a profit of 36.09 billion rupees a year earlier.

Analysts on average had expected Infosys to post a profit of 42.06 billion rupees, according to Refinitiv data.

Sales were 7.9 per cent higher at 230.92 billion rupees.

"Overall performance during the quarter was satisfactory on multiple counts – broad-based growth, steady increase in client metrics and healthy large deal win", Pravin Rao, the company's chief operating officer, said in a statement.

Infosys signed large deals worth $1.8 billion in the quarter, it said.

Separately, Infosys said its audit committee found no evidence of financial impropriety or executive misconduct, following a whistleblower letter last year which alleged that Chief Executive Officer Salil Parekh asked employees to bypass approvals for large deals. Infosys shares closed 1.5 per cent higher in a broader Mumbai market which edged 0.3 per cent up.

(Reuters)


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