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.
Other losers were Tata Motors, Bharti Airtel, HCL Tech and Bajaj Finance, shedding up to 3.51 per cent. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.
A quick look at the Q1FY23 performance of top-tier IT services players shows that they are still far away from getting a grip on managing attrition. Talent retention has eroded not only their margins but also any gains they may have made from rupee depreciation. Despite robust growth numbers and strong deal pipelines, margins for all the players -- TCS, Infosys, HCL Technologies and Wipro -- have continued to shrink at a pace that has had the street surprised.
"There was not a single decision that I took during my second tenure without discussing it with Ranga and getting valuable input from him," says Narayana Murthy.
Nandan Nilekani said the co-founders have served the company "selflessly" and remain committed to the long-term success of Infosys.
Infosys announced 11 January, 2008 as the date for its Q3 results release
"The company has been in touch with the Securities and Exchange Commission (SEC) regarding the anonymous whistleblower complaints (anonymous complaints) and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the SEC's investigation," Infosys said in a statement.
David, is set to join Hewlett Packard Enterprise as a senior VP for Enterprise Services Delivery.
Infosys Technologies will soon induct two of its top executives to its board, to fill the vacancies left by the resignations of human resources and administration director Mohandas Pai and co-founder K Dinesh.
'We don't know which bus is coming next. I know for sure whatever bus comes next, it will miss that too.'
This time an anonymous whistleblower made an appeal to market regulator Sebi to probe an agreement made by the tech giant with some of its ex-directors.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
She was among the key executives brought in by Sikka from SAP and was overseeing large deals
'Skilled labour is different from immigration.' 'While any adverse immigration ruling will impact Indians, it may not necessarily affect the IT services industry.'
The whistleblower, claiming to be an employee working in the finance department, said he was submitting a 'whistleblower complaint' unanimously as the matter stated was 'volatile' and that he feared retaliation on disclosing the identity.
Former Infosys CFO V Balakrishnan will be the Aam Aadmi Party's candidate from Bangalore Central Lok Sabha constituency while journalist Ashish Khetan will contest from New Delhi as the party announced its fourth list of candidates for 61 constituencies on Monday.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
The company said the committee, headed by independent director D Sundaram and assisted by independent legal counsel Shardul Amarchand Mangaldas & Co, and PricewaterhouseCoopers, found that the "allegations are substantially without merit".
Infosys is an ethical company with solid processes that respects its customers and this is not going to affect their business, he added.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
With the appointment of Vishal Sikka as CEO and Managing Director of the company, IT major Infosys has elevated 12 leaders to the position of Executive Vice President with additional responsibilities.
Rajiv Bansal's severance payment was Rs 17.38 crore
'The Aam Aadmi Party is the most successful and exciting start-up by an IIT-ian in the history of India,' former Infosys CFO V Balakrishnan tells Rediff.com's Vicky Nanjappa.
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
The Bengaluru-based firm's revenue grew 17.3 per cent to Rs 20,609 crore in the quarter under review as compared to Rs 17,567 crore in the same period of 2017-18
With companies keen on maximum utilisation of employees and low tolerance to poor performance in the backdrop of global economic turmoil, nearly 2,100 employees in software firm Infosys have faced the axe.
The company's revenues were up 21.7 per cent to Rs 9,858 crore (Rs 98.58 billion) in the second quarter from Rs 8,099 crore (Rs 80.99 billion) in the year-ago period, Infosys said in a BSE filing.
Already facing an exodus of top management, Infosys is also struggling to retain talent at mid and junior levels, with 1,823 people leaving the firm in the October-December quarter.
In FY16, Infosys had 48 employees in India who were paid more than Rs 1 crore in annual compensation, as compared to 111 in FY15.
The Infosys saga shows how efforts to remote-control a company by its powerful promoter, even with good intentions, might hurt the entity, says Asish K Bhattacharyya.
Raghu Krishnan profiles the man in the eye of the storm at Infosys.
The route to that target is clear in Sikka's mind.
My interest is to work with young entrepreneurs to build businesses and see if I can add value to the boards of other global companies.
Infosys, India's second largest information technology (IT) services company, is likely to book an impact of less than $1 million (Rs 6 crore) due to the financial irregularities in the accounts of its business process outsourcing (BPO) arm, which led to the dismissal of the unit's chief financial officer, Abraham Mathews earlier this week.
Infosys, as part of performance improvement programme, allows 'poor performers' to undergo training to get into shape.
Infosys added 10,997 employees (gross) in the last quarter of FY'14 and 39,985 during the fiscal to take its total headcount to 1,60,405 people.
Infosys co-founder N R Narayana Murthy stirred a storm on X when he said young people should work 70 hours a week to level up the country's productivity. In a conversation with former Infosys CFO Mohandas Pai in the inaugural episode of 3one4 Capital's podcast 'The Record,' Murthy said that youngsters should put extra hours at work to compete with leading economies. "India's work productivity is one of the lowest in the world. Unless we improve our work productivity...we will not be able to compete with those countries that have made tremendous progress," he said, comparing India with China, Japan and Germany.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Founders have made it very clear that their only interest lies in protecting core values of the company and do not have any interest in running the company, he pointed out.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
