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The indian Infosys third quarter profit falls 29.6 percent, misses estimates

FILE PHOTO: The logo of Infosys is depicted in the company’s headquarters in Bengaluru, India, April 13, 2017. REUTERS/Abhishek N. Chinnappa/File Photo

(Reuters) – Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 percent decline in the third quarter, the net profit, far below the expectations.

Profit attributable for the three months through Dec. 31 was 36.09 billion rupees ($511.94 million), missing the average estimate of 41.31 billion rupees of 25 analysts compiled by Refinitiv Eikon.

Last year made a profit of 51.29 billion rupees, helped by tax benefits of the company’s deal with the U.S. Internal Revenue Service.

India is the second-largest software services exporter by market cap after Tata Consultancy Services Ltd said that the turnover of the activities in the quarter increased 20.3 percent to 214 billion rupees.

Reporting by Arnab Paul, additional reporting by Krishna V kurup in Bengaluru; editing by Christopher Cushing and Jason Neely

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