On Friday, 11th January, Infosys Ltd, an Indian IT service giant reported a 29.6 percent drop in net profit for the 3rd quarter for the previous financial year. This was drop was even below the market expectations.
The profit for the 3rd quarter until December 31st was Rs36.09 billion or $511.94 million. 25 analyst from Refinitiv Eikon estimated a net profit of Rs 41.31 billion.
The company last year made a net profit of Rs 51.29 billion and the deal with U.S Internal Revenue Service helped the company with tax benefits which increased its net profit.
Infosys is the second biggest service exporter after Tata Consultancy Services by market cap. The company stated that its revenue from operations had a 20.3 percent rise in the 3rd quarter to Rs214 billion.