Digital disruption creating opportunities for Infosys, says CEO Salil Parekh
BS Web Team Last Updated at January 12, 2018 16:43 IST
Country’s second-biggest IT services exporter Infosys Ltd posted a 37.6% jump in third-quarter profit, helped by tax benefits from the firm’s deal with US Internal Revenue Service. This is the first quarterly results since Salil Parekh took charge as the new CEO and MD at Infosys on January 2. Parekh’s appointment came after the abrupt resignation of Vishal Sikka, who had quit in August following public spat with co-founders led by N R Narayana Murthy. “Our Q3 performance is strong. We are progressing towards stability and are well positioned to serve our clients in the new areas of demand,” Parekh said. “Digital disruption in the market a good opportunity for Infosys,” Parekh added. Infosys CFO M D Ranganth descibed Q3 performance as ‘resilient on multiple dimensions’. “During the quarter, Infosys concluded the largest share buyback programme if Rs 130 billion and free cash flow grew 23% during the quarter,” he said. Parekh said that the company will conclude meeting with clients by April and lay out new strategy. “Challenge is to position business in terms of opportunities.
During Q3, Infosys saw budget cuts from some US clients,” Parekh said at the press conference to announce quarterly results. COO Pravin Rao sees more opportunities for Infosys in Europe as compared with US. “Digital offerings and new services helped stabilise price realization. Attrition has come down from ‘high levels’ to 15.8%,” Rao said.
First Published: Fri, January 12 2018. 16:34 IST