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India Infosys posts 38 pct jump in Q3 profit on tax deal

India Infosys posts 38 pct jump in Q3 profit on tax deal

MUMBAI: India’s second-biggest IT services exporter Infosys Ltd posted a 38.3 percent jump in third-quarter profit, helped by tax benefits from the firm’s deal with U.S. Internal Revenue Service.

Profit rose to 51.29 billion rupees ($805.94 million) in the three months ended Dec. 31 from 37.08 billion rupees in the year-ago period, Infosys said on Friday. (bit.ly/2qSWIVS) Analysts on average expected the IT firm to post a profit of 37.10 billion rupees, Thomson Reuters data showed. The profit rise was due to the conclusion of the Advance Pricing Agreement, which had a positive impact on consolidated basic earnings per share in the quarter by about 6.29 rupees. The company’s basic earnings for the quarter was 22.55 rupees per share.