Infosys Third Quarter Net Income 34.7 Billion Rupees, Beats Estimates
- Shares surge most since July as 3Q revenue rises 15%
- Software maker sees FY16 USD sales growth at 8.9%-9.3%
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Infosys Ltd., India’s second-largest software exporter, raised its annual sales growth outlook after reporting a better-than-expected profit in a quarter that proved “challenging” for its bigger rival Tata Consultancy Services Ltd. Shares rallied.
Net income at the Bengaluru-based services provider rose 6.6 percent to 34.7 billion rupees ($515 million), the company said in a statement today, beating the average estimate of 33.5 billion rupees in a Bloomberg survey of 25 analysts. Sales in dollar terms is set to grow between 8.9 percent and 9.3 percent in the year ending March 31, Infosys said, compared with an earlier forecast for 6.4 percent to 8.4 percent.