MYSORE, India, January 10, 2014 /PRNewswire/ --
Infosys Ltd. (NSE: INFY) announced better-than-expected Q3 2014 results on January 10, 2013. The company reported INR 13,026 crore of revenue for Q3 2014, which is 24% higher than the revenue in Q3 2013 and in line with market estimates. However, the company beat market expectations on net profit, which grew to INR 2,875 crore, up 21.4% year-over-year.
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Infosys is confident and optimistic about its future growth; the company revised FY 2014 dollar revenue growth estimate to 11.5-12% from 9-10%, while FY 2014 rupee revenue growth estimate stands at 24.4-24.9%.
"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 S. D. Shibulal, CEO and Managing Director, Infosys. "We continue to differentiate ourselves to seize growth opportunities. The recent changes in the organizational structure will enable us to strengthen client relationships and increase market share."
"During the quarter, we saw early but promising results of our initiatives to increase efficiency in our operations," said Rajiv Bansal, Chief Financial Officer, Infosys. "We continue to remain focused on making investments necessary to secure and grow our future."
Please access the detailed earnings coverage by wallstanalyst.com at: http://wallstanalyst.com/sense-x/sense-xclusive/868-infosys-indian-tech-giant-announces-q3-results
Recently, the Infosys management has elevated board members BG Srinivas and UB Pravin Rao as Presidents merely two weeks after the departure of three senior executives at Infosys, including former CFO V. Balakrishnan. The ongoing restructuring drive further saw the elimination of the 30-member executive council.
Since his return to the helm of affairs in June 2013, Executive Chairman of the Board NR Narayana Murthy is taking some calculated risks needed to streamline the organization and put it back on the road to recovery.
WallStAnalyst.com has issued a brief analysis to decipher recent developments, upcoming earnings and market expectation from Infosys. Please access this report by following the link below:
Based on quarterly numbers, recent developments and key management changes, our research team is updating its coverage on Infosys. This report is geared towards retail investors and offers some interesting insight about the company's key performance indicators that drive earnings and growth. This report will also include a detailed valuation of Infosys stocks to provide guideline for future price movement of the stock. This report on Infosys will be posted on WallStAnalyst.com on Thursday, January 16, 2014. We invite you to view the report at: http://wallstanalyst.com/Reports/
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