Infosys Q3 profit falls 29.6 per cent, misses estimates

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 per cent fall in third-quarter net profit, well below market expectations.

Profit attributable for the three months through Dec 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees from 25 analysts compiled by Refinitiv Eikon.

Last year, it made a profit of 51.29 billion rupees, helped by tax benefits from the firm’s deal with the US Internal Revenue Service.

India’s second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 per cent to 214 billion rupees.

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