infosys profit falls: Infosys reports 29.6% fall in Q3 profit, misses estimates

Infosys reports 29.6% fall in Q3 profit, misses estimatesInfosys reports 29.6% fall in Q3 profit, misses estimatesIndian IT services bellwether Infosys Ltd on Friday reported a 29.6 percent fall in third-quarter net profit, well below market expectations.REUTERSJan 11, 2019, 06:54PM IST

Indian IT services bellwether Infosys Ltd on Friday reported a 29.6 percent fall in third-quarter net profit, well below market 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 from 25 analysts compiled by Refinitiv Eikon.

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

India’s second-biggest software services exporter by market cap after Tata Consultancy Services Ltd said revenue from operations in the quarter rose 20.3 percent to 214 billion rupees.