If terms of earnings, if analyst estimates are anything to go by, Infosys’ third-quarter show could be rather tepid.

According to analysts, investor focus will be on the company’s strategy, especially pertaining to the focus on development/promotion of proprietary software versus adoption of third-party products/platforms and M&A strategy. The demand outlook for the 2018 calendar year, total contract value of deal wins, pricing outlook and progress on automation will also affect future earnings outlook.

For Infosys, one boost in December quarter earnings might come from reverse tax provisions of about $225 million made in previous years after signing an advance pricing agreement with the US Internal Revenue Service.

The IT major’s profit for the July-September quarter had grown by 7 per cent sequentially to Rs 37.26 billion, but it had slashed its full-year constant currency revenue growth guidance to 5.5-6.5 per cent. The company’s revenue during the quarter had risen 2.9 per cent to Rs 175.67 billion and dollar revenue had grown by 2.9 per cent to Rs 27.28 billion over the previous quarter.

Revenue growth in constant currency terms was 2.2 per cent for the quarter.

Here’s how top brokerages expect Infosys to have performed in the December quarter: