Although the IT-giant Infosys posted a positive top-line and bottom-line growth during September 2018 quarter ended (Q2FY19) result, the profit for the half year end of FY19 was dented  by a massive $39 million due to the Panaya deal. Infosys now under leadership of Salil Parekh, has been trying to get rid of Panaya which was acquired during ex-CEO Vishal Sikka's reign. Since April 2018, Parekh has announced plans to sell Sikka's legacy Panaya and Skava. These two Sikka deals have given nightmares to Infosys, and Q2FY19 also faced heat from it. 

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In its audit report, Infosys said, "During the three months ended June 30, 2018, on remeasurement, including consideration of progress in negotiations on offers from prospective buyers for Panaya, the Company has recorded a reduction in the fair value of Disposal Group held for sale amounting to $39 million in respect of Panaya."

Consequently, profit for the half-year ended September 30, 2018 has decreased by $39 million, resulting in a decrease in Basic earnings per equity share by $0.01 (adjusted for September 2018 bonus issue) for the half-year ended September 30, 2018, as per Infosys. 

For half year end of FY19, Infosys revenue stood at Rs 39,737 crore with growth of 14.7% YoY. While net profit was at Rs 7,721 crore increasing by  7.1% YoY. 

In rupee terms, the quantum of loss in net profit was Rs 270 crore ($39 million). 

When Parekh made Panaya's stake sale announcement in April month, a whistleblower has asked market regulators in India and the US to question the Infosys decision to look for potential buyers for selling Panaya. The dispute surrounding the acquisition of the two was so intens that, even investors lost faith in Infosys future last year, which cost Sikka his job. 

In April this year, Infosys anticipated completion of the sale by March 2019 and accordingly, assets amounting to Rs 2,060 crore ($316 million) and liabilities amounting to Rs 324 crore ($50 million) in respect of the disposal group have been reclassified and presented as "held for sale". 

Infosys in February 2015, announced acquisition of Panaya for a value of $200 million. Before the acquisiton, Panaya was in crisis and was on verge of shutdown, after many waves of layoffs were carried out by the company. Between 2013 and 2014, Panaya laid off more than 25% of the company's employees. Also, Panaya shutdown its Israeli-based sales development segment and moved them to Boston and the United Kingdom and replaced their CEO.

The controversy over Infosys' acquisition of Panaya was sparked when questions were raised over a massive severance package for former CFO Rajiv Bansal. 

Meanwhile, in Q2FY19, Infosys posted a consolidated net profit of Rs 4,110 crore in Q2FY19, which was up by 10.30% from Rs 3,726 crore in the corresponding period of the previous year. The company's latest PAT recorded a growth of 13.78% as against Rs 3,612 crore in the preceding quarter. 

The company beat analysts estimate in Q2FY19, as a Bloomberg poll of analysts predicted Infosys PAT to come in at Rs 4,048 crore this quarter. 

On the other hand, Infosys consolidated revenue came in at Rs 20,609 crore, registering growth of 17.32% from Rs 17,567 crore a year ago same period. Whereas, Q2FY19 revenue rose by 7.74% versus Rs 19,128 crore witnessed in Q1FY19. Infosys also declared interim dividend of Rs 7 per share.