Infosys Ltd (NYSE:INFY) has reported their Q3 2013 financials. Infosys saw a profit decline even though their revenues increase. The reason for the decline was due to an increase in salaries and a provision for a visa investigation in the U.S. Infosys reported revenues of $2 billion for the quarter, which is up 15% from the same quarter a year earlier under IFRS (international financial reporting standards). Net profits were down 11% year-on-year at $383 million.
Infosys Ltd (NYSE:INFY) also put $35 million aside as a possible civil resolution of a visa issue with U.S. authorities.
Infosys Ltd (NYSE:INFY) forecasted their revenue growth of 9% to 10% for the fiscal year ending March 31st. Earlier, the company was forecasting revenue growth at 6-10%. Infosys’ revenue in rupees is up 31.5%, but profits grew 1.6%, partially due to the fall of the Indian rupee against the U.S. dollar by around 11% this quarter.
Earlier this summer, N.R. Narayana Murthy returned as the company executive chairman due to the intense rivalry against Tata Consultancy Services (TCS). Murthy was chairman and CEO of Infosys from 1981 to 2001 and was chairman until 2011.
Infosys hired 2,964 employees for the quarter, which is now at a total of 160,227.