On a consolidated basis, Infosys' net profit grew 19.4% to Rs 2875 crore on 0.5% rise in revenues to Rs 13026 crore in Q3 December 2013 over Q2 September 2013. Infosys has made a provision of Rs 219 crore towards visa related expenses in Q2 September 2013. The results are as per International Financial Reporting Standards (IFRS).
Infosys raised its revenue growth guidance in both rupee and dollar terms for the year ending 31 March 2014. The company expects consolidated revenues in rupee terms to grow 24.4%-24.9% for the fiscal year ending 31 March 2014, under IFRS (based on a conversion rate of $1 = Rs 61.81 for the rest of the fiscal year). The company expects consolidated revenues in dollar terms to grow 11.5%-12.0% for the fiscal year ending 31 March 2014, under IFRS.
At the time of announcement of Q2 September 2013 results in October 2013, Infosys had raised its revenue guidance in both dollar and rupee terms. The increase in revenue growth guidance in rupee terms was driven by weakness in rupee against the dollar. The company had at that time forecast 9% to 10% growth in revenue in dollar terms for the year ending 31 March 2014 (FY 2014). At that time, the company had issued a forecast of 21% to 22% growth in revenue in rupee terms based on the assumption of rupee dollar conversion rate of 62.61 for the rest of the fiscal year.
"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. We continue to differentiate ourselves to seize growth opportunities. The recent changes in 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. "We continue to remain focused on making investments necessary to secure and grow our future."
Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were Rs 27,440 crore as on 31 December 2013 versus Rs 26907 crore as on 30 September 2013.
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