Infosys Q3 2020 results : Indian IT services giant reports $705m net profit

Infosys Q3 2020 results : Indian IT services giant Infosys has reported net profit of $705 million for the three months ended 31 December 2020 (Q3 2020), a 12.6% growth compared to $626m reported in the same period of 2019.

For the nine months that ended 31 December 2020, Infosys saw its net profit grew from $1.74 billion in the same period of last year to $1.92 billion.

Infosys Q3 2020 revenues were up by 8.4% from $3.24 billion in Q3 2019 to $3.51 billion. The Indian IT consulting company said that its digital revenues made up more than 50% of total revenue with a year-on-year growth of 31.3%.

On the other hand, its revenues for the nine months that ended 31 December 2020 was up from last year’s $9.58 billion to $9.94 billion.

In Q3 2020, Infosys is said to have ramped up its digital investments in Infosys Cobalt further. Infosys Cobalt is the company’s cloud services, platforms, and solutions portfolio that was launched in the second quarter.

Infosys Q3 2020 results : Indian IT services giant reports $705m net profit. Photo courtesy of Infosys Limited.

The company said that it had grown the Infosys Cobalt portfolio by rolling out Infosys Modernization Suite to enable enterprises to modernize their legacy systems.

Additionally, the company also introduced Infosys Live Enterprise Application Management Platform for providing cloud-powered, managed services for IT operations.

The firm’s Infosys Applied AI is said to combines the power of artificial intelligence, analytics, and cloud for offering new business solutions and perceptive experiences.

Commenting on Infosys Q3 2020 results, Salil Parekh – CEO and MD of Infosys, said: “The Infosys team has delivered another quarter of excellent results. Execution of client relevant strategy focused on digital transformation continues to drive superior growth, well ahead of the industry.

“The scale of new client partnerships with leading global companies such as Vanguard, Daimler and Rolls-Royce demonstrate the depth of digital and cloud capabilities of Infosys. The commitment and skills of our employees to support and drive the digital journey of clients are matters of great pride for me.”