New labour codes drag down Infosys profit

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India’s second-largest software services firm rel=”dofollow” href=”https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms” target=”_blank”>Infosys reported a 9.64% sequential decline in net profit for the fiscal third quarter to Rs 6,654 crore, largely hit by one-time provisions related to the implementation of new labour codes.

This was in line with peers rel=”dofollow” href=”https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms” target=”_blank”>Tata Consultancy Services ( rel=”dofollow” href=”https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms” target=”_blank”>TCS) and HCLTech, which also took a similar one-time hit on their bottom line. From the year before, profit declined 2.23%. The Bengaluru-based company posted revenue growth of 8.9% on-year and 2.2% quarter-on-quarter to Rs 45,479 crore.

An ET poll of analysts…



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New labour codes drag down Infosys profit



India’s second-largest software services firm rel=”dofollow” href=”https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms” target=”_blank”>Infosys reported a 9.64% sequential decline in net profit for the fiscal third quarter to Rs 6,654 crore, largely hit by one-time provisions related to the implementation of new labour codes.

This was in line with peers rel=”dofollow” href=”https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms” target=”_blank”>Tata Consultancy Services ( rel=”dofollow” href=”https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms” target=”_blank”>TCS) and HCLTech, which also took a similar one-time hit on their bottom line. From the year before, profit declined 2.23%. The Bengaluru-based company posted revenue growth of 8.9% on-year and 2.2% quarter-on-quarter to Rs 45,479 crore.

An ET poll of analysts…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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