Economy

Infosys lowers revenue forecast for fiscal year

Infosys lowers revenue forecast for fiscal year”

For the quarter ended September 30, 2017, the IT major reported 7 per cent quarter-on-quarter profit growth at Rs 3,726 crore against Rs 3,483 crore in the sequential quarter ended June 30, 2017.

Nilekani was recently brought in as someone who is trusted by Murthy after CEO Vishal Sikka stepped down, blaming constant attacks that he said were distracting him and the company. Revenue grew 1.5% to 175.67 billion rupees.

The first quarterly results since Vishal Sikka quit as chief executive in August following public spat with co- founders led by N R Narayana Murthy, also saw Infosys, under its new chairman Nandan Nilekani, giving a clean chit to United States dollars 200 million Panaya acquisition done under previous management.

Earlier, Infosys shares settled 1.37 per cent down at Rs 926.75 in Mumbai trade. The most recent being in a letter, dated August 9, where Murthy is said to have raised questions over Sikka's leadership.

The Bengaluru-based firm reported a 3.3 percent rise in its Q2 net profit from Rs 3,606 crore an year ago. Operating margin for the period stood at 24.2%, compared with 24.1% in the quarter ended June, 2017. The net profit margin improved to 21.2 percent compared to 20.4 percent recorded in the previous quarter.

The Bengaluru company, which is now looking for a new CEO, cut its forecast for full-year dollar-terms sales to between 5.5 percent and 6.5 percent.

The September quarter revenues in rupee terms grew by 2.9 percent to 17,567 crore which was slightly less than a CNBC-TV18 poll of 3.3 percent.

The company, meanwhile, has declared an interim dividend of Rs 13 per share. That compared with the $2,748 million estimate by the Mumbai brokerage, which would meant a 3.6 percent quarter-on-quarter growth and a 6.2 percent growth on the revenue for the same quarter a year ago.

Murthy waged a public campaign, pointing out some outsize pay and exit packages for some executives and raising questions about the company's acquisition of Panaya, an Israeli automation firm.

"As previously indicated the chairman has conducted a review of all the external investigations into certain anonymous complaints the company had previously received", according to a statement filed to the BSE.

"The process of identifying the next CEO and shareholder consultation outreach have been initiated and are progressing well", Infosys statement said without elaborating. The management said that there is no merit to allegations of any wrongdoing in the same."I believe all stakeholders acted out of a strong passion for Infosys, wanting what they believed to be the best for the Company and to see it succeed". Nilekani has said he's focused on finding a new leader, reconstituting a depleted board and stabilising operations. "This board and I are committed to the highest standards of professionalism and will deal promptly and decisively with any governance issues should they ever come up in the future".

The revenue at Dollars 2.7 billion came in 5.4 per cent higher year-on-year.



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