TCS stock slips 1% after Q3 numbers

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Shree Cement's net profit rose 41.6% to Rs 333.33 crore on 23.1% growth in net sales to Rs 2296.23 crore in Q3 December 2017 over Q3 December 2016.

By these figues, Infosys had witnessed a jump of 37.6 per cent on a quarter-on-quarter basis and 38.3 per cent on a year-on-year basis.

That was higher than the 37.10 billion rupees consensus estimate of analysts surveyed by Thomson Reuters. Revenue grew 3% to 177.94 billion rupees.

Infosys, announcing its first results under new CEO Salil Parekh, said its profits had been buoyed by a deal signed with the United States tax department.

Infosys said it had received a tax rebate of $225 million from the US's Internal Revenue Service in an agreement which will also reduce their future tax burden. Infosys is expected to maintain its FY18 revenue guidance at 5.5-6.5 per cent in constant currency.

Parekh's appointment came after the abrupt resignation of Vishal Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy.

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On Friday, the company said Rajesh Murthy, president and a 26-year-long veteran, stepped down, effective January 31, citing personal reasons.

An employee of the company for 26 years, Murthy was responsible for the global Energy, Utilities, Telecommunications and Services business unit, including setting the vision, creating and implementing strategy, and driving growth. Parekh added that the entire exercise would be concluded by April when he lays out the "strategic priorities" for the company going forward.

Post the release of the results for the third quarter (Q3) of the current fiscal, Infosys CEO Salil Parekh on Friday highlighted the presence of a number of opportunities to builder a "stronger Infosys".

Infosys downplayed the concerns, saying the company expects discretionary spending to return to the sector this year, improving its prospects.

The shares of company ended on a higher note both on BSE Sensex and NSE NIfty.

Infosys' contant currency revenue growth came in at 5.6% as on December 2017. In US dollar terms, Infosys' net profit grew to USD 796 million in the said quarter, while revenues were at USD 2.7 billion from the year-ago period. Shares of TCS lost 0.6%.

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