Chief Operating Officer UB Pravin Rao said the company will be back to historic performance levels in a couple of years.
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.
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.
Besides working on better operational control, internal efficiency and leveraging of internal talent, Salil Parekh is also focusing on building a pipeline of leaders
The business is impacted by low volume growth amid Christmas and New Year holidays.
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.
Infosys chief Vishal Sikka took home an annual salary package of $7.45 million (about Rs 48.73 crore) for the 2015-16 financial year.
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.
Panaya drags Q1 profits though revenue improves on the back of large deal wins, good traction in North America.
Once the IT bellwether, Infosys was also reporting laggard performance and facing harassment allegations by overseas employees.
The city-based firm had witnessed exits, especially of senior level executives, in the last couple of years and one of the main tasks before Vishal Sikka when he took over as the chief executive officer last year was to check the high attrition levels.
The US and Europe are key markets for the over $ 140 billion Indian outsourcing sector.
The company's executive vice president and chief financial officer Rajiv Bansal has resigned.
Annualised staff attrition rate at Infosys rose to a record 20.1 per cent in the September quarter.
Infosys COO says, the firm is trying its best retain talent.
It is not that platforms and products are something that Infosys has not tried earlier.
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