India’s Infosys third-quarter profit falls 29.6 percent, misses estimates

FILE PHOTO: The logo of Infosys is pictured inside the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo

(Reuters) – Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 percent 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 U.S. 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 percent to 214 billion rupees.

Reporting by Arnab Paul and additional reporting by Krishna V Kurup in Bengaluru; editing by Christopher Cushing and Jason Neely

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