New Infosys CEO Salil Parekh starts stint with in-line Q3 numbers

Co-founder Nandan Nilekani set the tone for Salil Parekh, , saying stability had returned to the company

Infosys Technologies met Street expectations by reporting 38.3 per cent year-on-year growth in third quarter profits to Rs 51.29 billion, aided by a one-time gain from a US tax reversal. Revenues of the Bengaluru-headquartered company at Rs 177.9 billion grew 6.5 per cent, on the back of improved staff utilisation and higher growth from digital deals, in a traditionally weak quarter ending December 31.

On Wednesday, the firm reported a one-time gain of Rs 14.32 billion due to tax reversals after it signed an Advance Pricing Agreement (APA) with the US Internal Revenue Service (IRS), which reflected in the rise in