The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
The tech giant said it is unable to provide revenue outlook for FY 21 due to business uncertainty amid COVID-19 outbreak.
Mirroring the increase in the earnings of their companies, the chief executives and promoters of India's top listed firms gained handsomely from the boom last financial year. Their remuneration includes salaries, perquisites or perks, and profit-linked commissions.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
In his blog, sikka said, "It is clear to me that despite our successes over the last three years, and the powerful seeds of innovation that we have sown, I cannot carry out my job as CEO and continue to create value, while also constantly defending against unrelenting, baseless/malicious and increasingly personal attacks."
India's second-largest software services company Infosys on Wednesday posted 12 per cent year-on-year rise in consolidated net profit at Rs 5,686 crore for March quarter 2021-22. The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,076 crore in the corresponding period previous year, according to a regulatory filing. Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period, it added.
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
Infosys co-founder S D Shibulal has received little over four lakh shares of the company as a gift, taking the total number of shares owned by him to more than 21.6 lakh shares, according to a regulatory filing. Infosys, on Friday, informed the stock exchanges that "4,01,000 equity shares (representing 0.01 per cent) of Infosys Ltd by way of gift as off market transaction on November 12, 2020" were given to Shibulal. The filing did not mention who gifted these shares.
The country's second-largest IT services firm Infosys on Wednesday reported a 16.6 per cent rise in consolidated net profit at Rs 5,197 crore for the December 2020 quarter. The company had posted a net profit (after minority interest) of Rs 4,457 crore in the year-ago period, Infosys said in a regulatory filing. Its revenue grew 12.3 per cent to Rs 25,927 crore in the quarter under review from Rs 23,092 crore in the corresponding period last fiscal.
Infosys, which is sitting on a cash pile of over $3 billion, has met criticism from investors and analysts as rivals like Tata Consultancy Services and Wipro have boosted their businesses with multiple acquisitions.
Infosys Senior Vice President Sanjay Rajagopalan has resigned from his post, a month after Vishal Sikka stepped down as the company's MD and CEO.
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.
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.
Its revenue grew 8.5 per cent to Rs 23,665 crore in the quarter under review from Rs 21,803 crore in the corresponding period last fiscal.
His career was marked by more downs than ups, but one thing Shibulal cannot be faulted for is lack of ideas.
Infosys raised the lower-end of its FY20 revenue guidance and the revised forecast now stands at 9-10 per cent growth in constant currency terms.
I started my journey as the CEO of this iconic company with a mission to transform it on the basis of software, especially (artificial intelligence), and innovation, enabled by education. Three years later, I feel proud of our progress and achievements: Vishal Sikka.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
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.
The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
In 2015, Infosys, under the leadership of then CEO Vishal Sikka, had bought Israeli automation technology firm Panaya for around $ 200 million and e-commerce service provider Skava for $1 20 million. The buyouts were mired in controversy owing to allegation of over-payment apart from not being an ideal fit.
There has been speculation that Infosys is at an advanced stage of talks to buy a US firm operating in the public services and healthcare space.
The top three Indian IT firms -- Tata Consultancy Services (TCS), Infosys and Wipro -- collectively trained over 775,000 employees in generative AI (GenAI) capability by the end of 2023-24, according to an analysis of GenAI-trained workforce of leading companies in India in this sector. This number is significantly higher that the projection made by the IT industry body Nasscom in its Strategic Review of 2023, released in February this year. It said in 2023-2024, over 650,000 employees across the IT industry received training in Gen AI skills.
David, is set to join Hewlett Packard Enterprise as a senior VP for Enterprise Services Delivery.
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.
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.
IT major Infosys Technologies would be focusing on emerging countries, including Brazil, China and India.
'We treat attrition as a business problem, not just an HR problem,' says Amitabh Chaudhary, Infosys BPO CEO.
Infosys Technologies' third sponsored ADS offering has been oversubscribed 3.4 times on a global scale. Infosys has priced the offer at $53.50 taking the total value of the offer to $1.6 billion.
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
Infosys was the only company among the large software services firms, which had not hiked salaries so far.
He spoke on key strategies the company is adopting to tide over the rough times.
Its revenue, however, grew 20.3 per cent to Rs 21,400 crore in the December 2018 quarter as compared to Rs 17,794 crore in the year-ago period.
Infosys chairman Nandan Nilekani voluntarily chose not to receive any remuneration for his services.
Severe skilled, unskilled shortage threatens to pull emergency brakes on India's industrial engine.
India's second largest IT firm Infosys has extended the tenure of its chief Vishal Sikka by nearly two years till March 2021, saying his initiatives have helped the company move towards reclaiming its industry leadership position.
'We're putting a lot of focus on GenAI developers and people who can really do all the architecture and programming.'
Many say N R Narayana Murthy returned to Infosys only because it was floundering. Ironically, that itself can be interpreted as the great man's biggest failure.
