Infosys Q2 key takeaways: From profit to Salil Parekh quotes, all details here in brief
Salil Parekh, CEO and MD said, “This is a testimony to our strong client relationships, digital led full service capabilities, and intense focus on the needs of our clients”. He added, “Large deal wins at over $2 billion during the quarter demonstrate our increased client relevance.”
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Infosys cuts forecast over 'uncertain' futureInfosys, the second largest IT player by revenue in India, reported its second quarter results today, with a rise in consolidated net profit at 10.3% year-on-year to Rs 4,110 crore. The company's revenue is up 17.3% at Rs 20,609 crore. Infy has declared interim dividend of Rs 7 per share. The digital revenue is at $905 million (31.0% of total revenues), year-on-year growth of 33.5% and sequential growth of 13.5% in constant currency terms.
Salil Parekh, CEO and MD said, “This is a testimony to our strong client relationships, digital led full service capabilities, and intense focus on the needs of our clients”. He added, “Large deal wins at over $2 billion during the quarter demonstrate our increased client relevance.”
Infosys COO, U B Pravin Rao, said, “Our Digital services grew double digits sequentially, while growth in top clients was also robust."
MD Ranganath, CFO, said, "We will continue to make strategic investments in digital to leverage opportunities and at the same time keep sharp focus on key operational efficiency parameters".
#InfosysQ2FY19 results - Management Commentary https://t.co/A5KGO1SRcs
— Infosys (@Infosys) October 16, 2018
Infosys key takeaways:
1. Bonus issue of equity shares
The company has allotted 2,18,41,91,490 fully paid up equity shares of face value Rs 5/- each during the three months ended September 30, 2018 pursuant to a bonus issue approved by the shareholders through postal ballot. The bonus shares have been issued to celebrate 25th year of public listing in India and to further increase the liquidity of its shares. Bonus share of one equity share for every equity share held, and a bonus issue, viz., a stock dividend of one American Depositary Share (ADS) for every ADS held, respectively, has been allotted. Consequently, the ratio of equity shares underlying the ADSs held by an American Depositary Receipt holder remains unchanged.
2. Acquisitions
On September 7, 2018, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire 60% stake in Trusted Source Pte Ltd (a wholly owned subsidiary of Temasek Management Services Pte. Ltd.), a Singapore-based IT services company for a total consideration of upto SGD 12 million (approximately $9 million), subject to regulatory approvals and fulfillment of closing conditions.
On October 11, 2018, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) acquired 100% of voting interests in Fluido Oy (Fluido), a Nordic-based salesforce advisor and consulting partner in cloud consulting, implementation and training services for a total consideration of upto Euro 65 million (approximately $75 million), comprising of cash consideration of Euro 45 million (approximately $52 million), contingent consideration of upto Euro 12 million (approximately $14 million) and retention payouts of upto Euro 8 million (approximately $9 million), payable to the employees of Fluido over the next three years, subject to their continuous employment with the group. The payment of contingent consideration to sellers of Fluido is dependent upon the achievement of certain financial targets by Fluido.
3. Update on arbitration proceedings
On September 17, 2018 the Arbitral Tribunal of Hon’ble Justice R.V. Raveendran (retired) communicated the decision with regard to the dispute between Infosys Ltd. and its former CFO Mr. Rajiv Bansal. The Company has received legal advice and will comply with the award and make the necessary payments.
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4. Shareholder visit to Mysuru campus
Shareholders of the company are being offered an opportunity to visit the company’s campus in Mysuru on November 24, 2018. Shareholders who would like to avail this opportunity need to register at www.infosys.com between October 25, 2018 and November 15, 2018. As the number of shareholders the company can host on this visit are limited, shareholders will be accommodated on a first come, first serve basis. This visit is for shareholders only, and is not extended to family and friends. This follows several requests made by shareholders to visit the Company campus. The company will provide transport from its registered office in Electronics City, Bengaluru and incur all associated costs for this visit from Bengaluru to Mysuru.
