Pavin Rao, a 28-year company veteran, to be second-in-command at Infosys.
IT services major Infosys on Wednesday posted a 22.7 per cent rise in net profit to Rs 5,195 crore for the April-June quarter of 2021-22, and raised its revenue growth outlook for the full fiscal. The Bengaluru-based company's net profit (after minority interest) was at Rs 4,233 crore in April-June 2020. Its revenue from operations grew 17.8 per cent to Rs 27,896 crore in the first quarter of FY22 from Rs 23,665 crore in the year-ago period, Infosys said in a regulatory filing.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
The Bengaluru-based firm has also inducted founder and CEO of Surya Software Systems D N Prahlad as an independent director on its Board, effective October 14, 2016.
India's second-largest IT services company Infosys on Wednesday said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, and it has raised revenue forecast to 2-3 per cent for FY21. Infosys had clocked a net profit of Rs 4,019 crore in the same period last fiscal, Infosys said in a regulatory filing.
Infosys on Wednesday said it is focused on "expeditiously" resolving issues related to the new income tax portal and termed it as the "single largest priority" for the company at the moment. Infosys top management said that many of the issues around performance and stability have been addressed, and that about 10 lakh ITRs (income tax returns) have been filed so far. "We are working extremely hard in making sure that all of the features are being delivered.
Sikka has been appointed as the Executive Vice-Chairman, Infosys said.
The annual meet also saw some shareholders of the country's second largest IT services company raising concerns over falling operating margins. But many congratulated the management for delivering good FY20 performance despite the tough economic conditions.
The income-tax (I-T) department is working on integrating the new e-filing portal with stock exchanges to help tax authorities track trade transactions, including futures and options. The integrated system will look at discrepancies between the data disclosed by an assessee and match it with data fetched from stock exchanges, using artificial intelligence, said two officials in the know. This will help detect and red-flag such matters, particularly those related to non-filers of income-tax return (ITR).
The CEO's compensation included a fixed salary component of Rs 6.07 crore, variable pay of Rs 10.96 crore and perquisites worth Rs 7.64 crore.
Two weeks since the much talked about new income tax return filing portal was launched, technical glitches continue to mar the site, an issue finance ministry officials will take up in a meeting with Infosys -- the vendor which provided the IT solution -- at a meeting on Tuesday. Several stakeholders have submitted written inputs highlighting the issues facing the portal as well as areas that need to be fixed. At the company's annual shareholder meeting, Infosys had on Saturday stated that it is working to resolve the issues and has already succeeded on some fronts.
Infosys, the country's second largest information technology services company, plans to strengthen sales teams in America and Europe.
Having lost some key personnel, the IT company is sticking to its formula of scouting internally
However, the company says it will suspended promotions and salary increments this year.
India's second largest IT services company Infosys on Wednesday said its consolidated net profit grew by 11.9 per cent to Rs 5,421 crore for the September 2021 quarter. Infosys had clocked a net profit of Rs 4,845 crore in the same period last fiscal, according to a regulatory filing. The Bengaluru-based company saw its revenues rising by 20.5 per cent to Rs 29,602 crore in the quarter under review (Q2FY22) from Rs 24,570 crore in the year-ago period.
Top decision-making body, executive council, will be dissolved on April 1.
Infy to cast wide net in CEO search, may go back to 'alumni'
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
The company has raised its revenue outlook for FY2019-20 in constant currency to 10-10.5 per cent, from its topline guidance of 9-10 per cent given in October.
Chief Operating Officer UB Pravin Rao said the company will be back to historic performance levels in a couple of years.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
Infosys, Facebook, Genpact, and Cognizant, among others, have reached out to employees and offered support in different ways as the second wave of Covid cases sees an exponential rise. Companies are asking employees to stay indoors and prioritise the health and safety of their families. This is of significance as several information technology firms were going to take a call on work-from-home from June and had plans to allow some employees to come back to work.
Finance Minister Nirmala Sitharaman on Tuesday reviewed with Infosys officials the technical glitches that continue to mar the new income tax e-filing portal. Sitharaman, along with Minister of State for Finance Anurag Thakur, revenue secretary Tarun Bajaj, CBDT chairman Jagannath Mohapatra and other senior ministry officials, went point by point on the issues facing the new portal with officials of Infosys - the vendor which developed the site. While there was no official word on what transpired at the meeting, a statement issued by the Institute of Chartered Accountants of India (ICAI) said "the technical glitches shall be addressed fast". ICAI representatives attended the meeting on Tuesday.
Attrition is driving the hiring effort on campuses.
According to several industry sources in the know, expenses towards deploying contractual staffer, which used to account 10 per cent of the overall billable employee cost at IT firms, has fallen to around 3 per cent. IT firms typically use the contractual workers from staffing solutions providers or subcontractors.
'Pravin Rao's commitment and contribution to the company has been immense, and his partnership over the past three years has been critical to the successes and growth of our company,' said Vishal Sikka, chief executive officer at Infosys.
Nearly 45 per cent of this value is likely to be delivered by 3 sectors - consumer goods and retail, agriculture and banking and insurance, the Nasscom report said.
'Employees find work challenging and fun'.
During the year, he received a total compensation of $1.3 million (Rs 7.8 crore), including a salary of $844,453, bonus and incentives of $281,415 and other compensation of $154,143.
Infosys will be handing over a prize of Rs 5 lakh to 20 entrepreneurs every year.
Such partnership will not only give the company an opportunity to showcase its expertise in new technology areas, they will also help in boosting its brand image with clients and employees
Besides working on better operational control, internal efficiency and leveraging of internal talent, Salil Parekh is also focusing on building a pipeline of leaders
'We have to plan for whatever the new normal is.'
Parekh, who is joining the company from Capgemini, will take over on January 2, 2018..
India's second largest software services firm, Infosys on Thursday saw the exit of its global head of strategic sales, marketing and alliances Prasad Thrikutam.
Infosys, however, cut 2017-18 revenue growth guidance to 5.5-6.5 per cent from 6.5-8.5 per cent in constant currency.
It has also proposed that CEO and managing director Salil Parekh be granted annual performance-based stock incentives in the form of restricted stock units worth Rs 10 crore under the 2019 Plan.
Infosys was the worst performer among the bluechips on both the key indices.
Murthy said he was anguished by the allegations, tone and tenor of statements made by the Infosys board.
As IT majors face a decline in their legacy business, they are realigning their sales strategies to push up revenues from newer technologies.
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