Wednesday, 26 September, 2018

Infy Q4 up 2.4%; new CEO Salil Parekh charts out roadmap

Infosys CEO Salil Parekh. Infosys used to host an analyst day annually when it was run by its founders—a practice that got diluted when CEO Vishal Sikka took over in 2014 Infy Q4 up 2.4%; new CEO Salil Parekh charts out roadmap
Russell Knight | 13 April, 2018, 23:35

Infosys, on Friday, announced that its net profit for the fourth quarter rose 2.4% to ₹ 3,690 crore compared with the same period past year.

Revenues of the firm grew 5.6 per cent to Rs 18,083 crore in the January-March quarter compared with Rs 17,120 crore in the year-ago period. The company's profit grew 2.4 per cent on year-on-year (yoy) basis. The Bengaluru-based IT firm had reported 38.3 per cent growth in consolidated net profit to Rs 5,129 crore for the October-December (Q3) quarter of 2017-18 year. The aggregate dividend including the special dividend of Rs 10 per share ($0.15 per ADR) works out to Rs 43.50 per share ($0.67 per ADR) resulting in an aggregate dividend payout of approximately Rs 11,371 crore (approximately $1,749 million), including DDT. In the December quarter, Infosys's net profit included the positive impact of Rs 1,432 crore on account of conclusion of an APA with the US IRS, the company said in a release.

It also announced a definitive agreement to acquire U.S-based WONGDOODY, a creative and consumer insights agency. Our robust performance is a reflection of the strong impact we have with our clients and the dedication of our employees.

Further, the company said it is looking to sell its subsidiary Panaya, whose acquisition had became a contentious issue under the regime of former CEO Vishal Sikka.

Infosys said it has made a decision to sell subsidiary Panaya, the Israeli firm whose acquisition became a contentious issue between the erstwhile management led by Vishal Sikka and the founders.

Salil Parekh said Infosys' new strategy comprised four key pillars - scaling up digital services, strengthening core business, enhancing the skills of employees and boosting its presence in overseas markets.

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COO Pravin Rao said the company will be rolling out compensation increases for a large part of its workforce, effective 1 April.

The operating margin for financial year 2018-19 is forecast at 22-24 per cent.

"In addition to the above, out of the cash on the Balance Sheet, the Board has identified an amount of up to Rs 13,000 crore to be paid to shareholders", it added.

In the press conference, Parekh said the company will complete the sale of Panaya and Skava by March 2019.

The company's full year constant currency revenue guidance is at 6-8 percent and dollar revenue at 7-9 percent, which is in line with estimates.

Infosys board has recommended a final dividend of Rs 20.50 per shares and a special dividend of Rs 10 per shares. The company said it anticipates completion of the sale by March 2019 and accordingly, assets amounting to Rs 2,060 crore ($316 million) and liabilities amounting to Rs 324 crore ($50 million).

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