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Infosys posts 7% net profit growth for July-September, but cuts revenue growth forecast for FY18

The profit for the period was Rs 3,726 crore, up from Rs 3,483 crore in the first quarter.

Information technology major Infosys on Tuesday reported a 7% quarter-on-quarter growth in its net profit in July-September. The profit for the second quarter was Rs 3,726 crore, up from Rs 3,483 crore in the April-June quarter, the company said in an exchange filing. The net profit grew 3.3% year on year.

A CNBC-TV18 poll of analysts had predicted a net profit of Rs 3,496 crore.

Infosys cut its growth forecast for 2017-’18 to 5.5%-6.5%. It had earlier predicted a revenue growth of 6.5%-8.5% during the year. Its revenues of Rs 17,567 crore in July-September were 2.9% higher than the previous quarter.

The IT major usually announces its quarterly results within 15 days of the beginning of the new quarter, but deferred it by more than a week this time, for the first time in recent years.

The results of the quarter that ended on September 30 are the first since Vishal Sikka quit as the chief executive officer of Infosys on August 18 and Nandan Nilekani returned as the non-executive chairman on August 24.

“The process of identifying the next CEO and shareholder consultation outreach have been initiated and are progressing well,” Infosys said.

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