Tag: Infosys

Infosys shares fall nearly 15 pc post earnings announcement

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New Delhi: Shares of Infosys on Monday tanked nearly 15 per cent in morning trade, wiping out Rs 73,060.65 crore from its market valuation, after the company reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24.
The stock tumbled 12.21 per cent to Rs 1,219 — its 52-week low mark — on the BSE.
At the NSE, it fell 14.67 per cent to its 52-week low of Rs 1,185.30.

Infosys was the biggest drag on both the benchmark indices Sensex and Nifty.
The company’s market valuation also declined by Rs 73,060.65 crore to Rs 5,08,219.35 crore.
The 30-share BSE Sensex quoted 891.04 points or 1.47 per cent lower at 59,539.96 in morning trade, pulled down by Infosys and weak trends in other IT counters.
Other IT firms also faced heavy drubbing, with Tech Mahindra, HCL Technologies, Tata Consultancy Services and Wipro falling in the range of 3-6 per cent.
“The worse-than-expected Q4 results from Infosys with only 4-7 per cent revenue growth for FY24 will drag down IT stocks impacting the Nifty,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Infosys on Thursday reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24 amid the tightening of IT budgets by clients following a turmoil in the US banking sector.
Infosys’ latest report card was a disappointment on several fronts – the company missed revenue guidance for FY23 hit by “unplanned project ramp downs and decision-making delays by some clients”, the company said.
With global macroeconomic uncertainties looming, it has given a subdued 4-7 per cent revenue growth forecast for FY24, with top management cautioning that “the environment remains uncertain”.
Infosys had last given single-digit revenue guidance in FY19.
India’s second-biggest software services firm posted 7.8 per cent year-on-year growth in consolidated net profit at Rs 6,128 crore for March quarter. But the profit fell 7 per cent when compared to the preceding December quarter.
The revenue growth in constant currency for FY23 came in at 15.4 per cent, lower than the guidance. Notably, during the Q3 earnings announcement in January this year, Infosys — which competes in the market with Tata Consultancy Services (TCS), Wipro and other IT firms — had raised FY23 revenue guidance to 16-16.5 per cent (against the previously projected band of 15-16 per cent).
Infosys’ Q4 year-on-year-growth was 8.8 per cent and the sequential decline was 3.2 per cent in constant currency terms.
Revenue rose 16 per cent year-on-year in the fourth quarter of FY23 to Rs 37,441 crore but represented a decline of 2.3 per cent when compared to December 2022 quarter.
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( With inputs from www.siasat.com )

April 17, 2023
Rishi Sunak’s wife set to earn huge dividend income from Infosys

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Rishi Sunak’s wife, Akshata Murty, is set to earn a huge dividend income from Infosys, India’s second-largest IT firm. Murty, who is the daughter of Infosys co-founder Narayana Murthy, held 3.89 crore shares of Infosys at the end of December, according to company filings with the stock exchanges. The company declared a final dividend of Rs 17.50 per share for FY23, and if Murty retains her shareholding until the record date of June 2, she would receive Rs 68.17 crore.
Together with an interim dividend of Rs 16.50 per share declared in October last year, she would receive a total of Rs 132.4 crore. For the previous fiscal, Infosys paid a total of Rs 31 per share dividend, giving her a total of Rs 120.76 crore. At Thursday’s closing price of Rs 1,388.60 per share on the BSE, her holding is worth just over Rs 5,400 crore.
Nationality of Rishi Sunak’s wife Akshata Murty is a divisive issue in UK
While Rishi Sunak is a British national, his wife Akshata is an Indian citizen, and her non-domiciled status, which allows her to earn money abroad without paying taxes in Britain for up to 15 years, has been a divisive issue in the UK. Her non-domiciled status became an issue of discussion in Britain when Sunak first entered the race to become the prime minister in April last year.

Akshata was born in her mother Sudha Murty’s hometown of Hubballi in northern Karnataka, and did her schooling in Bengaluru, before moving to Claremont McKenna College in California, where she graduated with a dual major in economics and French. She then did a fashion designing diploma from the Fashion Institute of Design and Merchandising in Los Angeles, followed by a short work stint at Deloitte and Unilever. She thereafter pursued her MBA at Stanford where she met Rishi Sunak.
The two married in 2009 and currently live in a 7-million-pound townhouse in Kensington. Rishi Sunak and his wife also own a flat in Kensington, a mansion in Rishi’s Yorkshire constituency, and a penthouse in California.
Infosys dividend
Infosys is among the best dividend-paying companies in India, and according to Infosys filings, the promoters hold 13.11 per cent of the company. Of this, the Murthy family owns 3.6 per cent, with Narayana Murthy holding 0.40 per cent stake, his wife Sudha 0.82 per cent, son Rohan 1.45 per cent, and daughter Akshata 0.93 per cent. Other promoters include co-founder S Gopalakrishnan, Nandan M Nilekani, and S D Shibulal and their families.
On Thursday, the company disclosed that it had closed FY23 with a higher net profit of Rs 24,108 crore, earning a revenue of Rs 146,767 crore for FY23 against Rs 121,641 crore in the previous year and a net profit of Rs 24,108 crore against Rs 22,146 crore in the previous year.
As of March 31, 2023, Infosys had a headcount of 343,234 employees, up from 314,015 employees in the previous year.

With inputs from agencies
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( With inputs from www.siasat.com )

April 14, 2023
Infosys posts Rs 24,108 crore net, recommends dividend of Rs 17.50

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Bengaluru: Software major Infosys Ltd on Thursday said it had closed FY23 with a higher net profit of Rs 24,108 crore.
The company said it had earned a revenue of Rs 146,767 crore for FY23 against Rs 121,641 crore in the previous year and a net profit of Rs 24,108 crore against Rs 22,146 crore in the previous year./
The company closed the fourth quarter of FY23 with a revenue of Rs 37,441 crore (previous year Rs.32,276 crore) and a net profit of Rs 6,134 crore (Rs 5,695 crore).

According to Infosys, as on March 31, 2023 it had a headcount of 343,234 employees (software 324,816) up from 314,015 employees (software 297,859).
The company’s board has recommended a final dividend of Rs.17.50 per equity share for the year ended March 31.
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( With inputs from www.siasat.com )

April 14, 2023
Infosys Foundation collaborates with Karnataka govt, rebuilds hospital

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Bengaluru: Infosys Foundation, the philanthropic and CSR arm of Infosys, has announced the inauguration of a 100-bed maternity and child care hospital in Kanakapura Taluk, Ramanagara district of Karnataka in collaboration with the Directorate of Health and Family Welfare Services, the official release on Monday stated.
Through this collaboration, the erstwhile Government Maternity Hospital in Kanakapura Taluk has been rebuilt and the new hospital has facilities, including oxygen and medical gas pipelines, a sophisticated fire protection alarm system, meticulously designed electrical and plumbing work, an HVAC system and underground water reservoir.
This initiative aims to provide quality maternity and childcare to help the underprivileged, advancing the Foundation’s commitment towards rural development, and to provide better health infrastructure for the benefit of the society.
Previously, Infosys Foundation launched the Shree Sharadadevi Mobile Eye Hospital, a first-of-its-kind fully equipped mobile eye hospital to serve people residing in remote villages in Karnataka.
“We acknowledge the support of Infosys Foundation in developing the overall healthcare infrastructure of Karnataka. This initiative will not only address the medical needs of new mothers and their children but will also provide continued support in ensuring that they have access to affordable, quality healthcare”, said Dr. K. Sudhakar, Health Minister, Government of Karnataka.
“Infosys Foundation’s efforts towards rural development and healthcare infrastructure for the people of Karnataka is unparalleled. This new Maternity and Child Care Hospital for the people in Kanakapura, especially for underprivileged women, is a testament to the generosity of the organization. This hospital will be able to provide accessible and quality healthcare to lakhs of people in need,” said D.K. Shivakumar, MLA, Kanakapura Constituency.
Sunil Kumar Dhareshwar, Trustee, Infosys Foundation, said, “Given the maternal health indicators in our country, Infosys Foundation has been working for years towards supporting the needs of the community and the state.”

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( With inputs from www.siasat.com )

February 13, 2023
Infosys shows exit doors to freshers in Bengaluru

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Bengaluru: After corporate giant Wipro showed the exit door to hundreds of freshers who failed to pass the tests, it is the turn of Infosys to sack the probationers for failing to prove their credentials in the internal assessments.
Infosys is allegedly letting go of hundreds of employees, who are at the fag end of their training and failed the internal assessment tests. The new recruits will have to undergo comprehensive training before they are added into various teams for full-fledged work.
Senior employees in the IT Company stated on condition of anonymity that though there is economic slowdown and recession, the companies are focusing more on quality and productivity. Therefore, average talent is not preferred under the circumstances.
“The corona pandemic in the last two years has affected the education, quality of students and their skillsets. There is a clear lack regarding teaching and the honing of skills. Many graduates, who passed out in the last two years, are not in a position to prove themselves and there is extreme pressure on the trainees,” they explain.
Sources explained that the freshers are provided with two chances to clear their assessment. If they fail, they will not be onboarded. However, the freshers who have been sacked from Infosys maintained that members of the teams which did not get projects are being asked to go and those with projects are not touched.
Tech industry insiders are of the opinion that the phase is going to last for a while and pressure on industry will be there till 2024. The freshers won’t enjoy the halcyon days, when the job market was hot during the pandemic.
“It is evident that the global economic crisis is real as we can see big companies such as Google and Amazon laying off people. It is going to last for a while. So, I believe that the crisis will remain in the entire 2023 and even probably the first quarter of 2024. It will eventually subside and we all will come back to normalcy. However, it is going to take some time,” stated Sumanth Prabhu, Co-Founder and CEO, Ulipsu.
“My suggestion for people looking for jobs or the ones who are employed is that getting a job now is precious or they should hold onto the job that they currently have. It’s a good thing that the employees are getting retained and valued. If they are valued, they should work hard to ensure that the value is reciprocated,” he said.

“Also, it is the right time for businesses to cut down costs and be frugal. The global economic crisis is something that teaches all companies that we should not hire unnecessarily and should not commit to costs that are unnecessary or irrelevant. Companies have to lay off during these kinds of crises. So, it is better to hire wisely than to hire illogically and fire people,” Sumanth Prabhu explained.
IT giant Wipro has laid off more than 400 fresher employees for poor performance in internal assessment tests in January. The company had issued termination letters to all the employees and stated that despite the adequate training, the candidates have failed to perform.
The termination letter maintained that the employees are liable to pay Rs 75,000 of training cost which company has spent on them. But, the amount is being waived off.
Commenting on the development, Wipro had clarified that, Wipro takes pride in holding itself to the highest standards. As per the standards the aim is set of all. From every entry level employee it is expected to have a certain level of proficiency in their designated area of work. The evaluation process includes to align employees with the requirements of clients and the business objectives of the organisation.
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( With inputs from www.siasat.com )

February 9, 2023