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Infosys Q3 net up 19.4% q-o-q at Rs 2,875 cr


India's second-largest software services exporter, Infosys today posted a 19.4% rise in Q3 FY14 net profit on a sequential basis to Rs 2,875 crore.

On a yearly basis, the company posted a 21% rise in quarterly net profit in the December 2013 quarter, beating estimates, as stronger economic growth in Europe and the United States revived demand for outsourcing services.

Consolidated net revenues came in at Rs 13,026 crore, up 0.5% sequentially. Revenues rose 25% on a y-o-y basis. Analysts had expected profit to increase 13-16% and revenue to climb by 23-26% on a yearly basis.

The IT major reported operating margin at 25% in Q3, up 310 basis points sequentially.

In dollar terms, the company's profit grew 6.7% to $463 million in the October-December quarter from a year earlier, while revenue rose 9.9% to $2.1 billion.

Infosys increased its dollar revenue growth guidance for this financial year to 11.5-12% from 9-10% earlier.

"The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives," said SD Shibulal, CEO and managing director.

He added, "We continue to differentiate ourselves to seize growth opportunities. The recent changes in organisational structure will enable us to strengthen client relationships and increase market share."

Infosys also raised its revenue growth forecast to 24.4-24.9% for the financial year ending March 31, 2014, from 21-22% estimated earlier.

Infosys had liquid assets, including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds valued at Rs 27,440 crore as of December 31 against Rs 26,907 crore at the end of September.

CFO Rajiv Bansal said, "During the quarter, we saw early but promising results of our initiatives to increase efficiency in our

He added, "We continue to remain focused on making investments necessary to secure and grow our future."

Though Infosys added 6,682 employees on a gross level in the quarter, the total head count fell by 1,823 from the end of September to 1,58,404. The attrition rate stood at 18.1% on the basis of the last 12 months. It added 54 clients during the reported quarter.

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