Infosys reveals Q2 earnings: Net profit up 7 per cent at Rs 3,726 crore

Mumbai: Information technology giant Infosys on Tuesday said its net profit for the quarter ended September 2017 was up 7 per cent to Rs 3,726 crore while saying it has cut the growth guidance for 2017-18 financial year.

Second quarter revenue results by Infosys were first since Vishal Sikka stepped down as chief executive officer of the company after months of stand-off with founders of the company.

"Infosys's profit after tax or PAT was at Rs 3,726 crore in September this year as against Rs 3,483 crore quarter-on-quarter," NDTV said in a report. Company's PAT was up 7 per cent quarter-on-quarter, it added.

The IT major also revealed its revenue was at Rs 17,567 crore for the quarter under review as against Rs 17,310 crore on a year-on-year basis, the report added.

In a major relief to Vishal Sikka, the board of the Bengaluru based firm has given clean chit to Panaya deal which was a major cause of controversy. Sikka as CEO of the company had spearheaded the $200 million acquisition of Israeli firm.

The board of the IT major has also cleared the air on the controversy surrounding the hefty severance package given to former chief financial officer Rajiv bansal. The board says, "The decision was appropriate, timely disclosures were made on severance payments to former chief financial officer."