The $140-billion Indian IT market is facing challenges on multiple fronts including stricter visa regime in key markets and shortage of skilled manpower for new technology areas like data science.
Pavin Rao, a 28-year company veteran, to be second-in-command at Infosys.
Once the IT bellwether, Infosys was also reporting laggard performance and facing harassment allegations by overseas employees.
Infosys COO U B Pravin Rao has been named as the interim-MD and CEO of the firm.
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.
Infosys Technologies is looking for acquistion of companies within $50 and $100-million revenue range in the segment of banking and financial services, besides health and life sciences, Infosys COO Kris Gopalakrishnan said.
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.
Infosys Technologies plans to set up five SEZ in Tier II cities -- Mysore, Bangalore and Thiruvananthapuram.
"In India technology expenditure is on the upswing and we think its the right time to enter India," Infosys COO S D Shibulal said, while talking about the growing focus on the Indian market. The company on Wednesday announced its partnership with Bharti Airtel in the media space.
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.
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
said its consolidated net profit has gone up by 7 pc to Rs 3,708 crore while total income in the October-December quarter rose 8.3 pc to Rs 18,093 crore.
Infosys continues to see challenges in the short-term in the insurance space.
The US and Europe are key markets for the over $ 140 billion Indian outsourcing sector.
March was the first full quarter for Infosys under its new CEO Salil Parekh.
Revenue rose 23.4 per cent to Rs 1,655 crore
Infosys on Friday posted a 3.5 per cent rise in quarterly net profit, lagging analyst estimates.
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