Post the release of the results for the third quarter (Q3) of the current fiscal, Infosys CEO Salil Parekh on Friday highlighted the presence of a number of opportunities to builder a "stronger Infosys".
Infosys retained its earlier growth outlook, expecting dollar revenue to expand in the range of 6.5-7.5% in the year to 31 March, or 5.5-6.5% in constant currency terms, which eliminate the effects of exchange-rate fluctuations.
Yesterday, Infosys competitor Tata Consultancy Services reported a 3.6% drop in net profit in Q3 due to a soft financial services performance.
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Adding to this, the company CFO Ranganath D Mavinakere opined that the growth reported is resilient on many dimensions, with improved operating margins as a result of broad-based improvement in operational efficiency.
Infosys, the country's second-largest software maker, has recorded a 37.6 percent growth in net profit in the October-December quarter aided by a revival in the demand environment and a one-time tax reversal. Infosys said Rajesh K Murthy, President, has resigned from the company citing personal reasons and will be with the company till January 31, 2018. Everything I have seen in the company reconfirms my belief. His exit also highlights the challenge of senior-level attrition, an issue that has been a major headache for Infosys, with at least a dozen executives above the rank of senior vice-president leaving the company over the past 18 months. His predecessor Vishal Sikka quit late a year ago after a long-drawn public fued with Infosys' founders.
"This is a phenomenal company that was started by people who had tremendous vision". They have created something which will last very longer.
When asked on how he will manage this equation, Parekh said he will be deeply connected with the founders.
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"The priority, at this minute, is to connect with people and clients", he said.
Infosys explained that during the December 2017 quarter, it had signed an Advance Pricing Agreement with the USA administration that had led to reversal of income tax expense provision of Rs 1,432 crore.
Analysts will watch how Parekh steers Infosys through the transition and rebuilds Infosys to help the company get back its mojo.
The management added that the company has added one client in the $100 million band and three clients in the $75 million range.
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