Infosys Hits $10 Billion Milestone, Names Ravikumar As New Deputy COO

January 13, 2017

Bengaluru, Jan 13: Infosys reported a better-than-expected net profit of Rs 3,708 crore in the December quarter, sending its shares 3 per cent higher in early trade today. However, Infosys shares later gave up most of the early gains after the outsourcer tweaked its guidance for the full year.

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For the calendar year 2016 (January-December), Infosys's revenues crossed $10 billion, CEO Vishal Sikka said.

"This is a huge emotional and psychological milestone for us," he said, adding that Infosys is working hard towards achieving the $20 billion milestone by 2020.

The company has appointed Ravikumar S. as deputy chief operating officer reporting to Pravin Rao, the chief operating officer, with immediate effect. In addition to his current responsibility of heading the global delivery organization, Mr Ravikumar will oversee certain strategic business enabling functions and will be based in India.

Bengaluru-headquartered Infosys said it expects revenue to grow between 8.4 percent to 8.8 percent in constant currency terms in the fiscal year to March. Its earlier guidance was for an increase of between 8 per cent and 9 per cent in full-year revenue.

Indian information technology companies such as Infosys have struggled in 2016 as major clients in the United States and Europe, their biggest markets, held back discretionary spending, awaiting clarity on policy changes under U.S. President-elect Donald Trump's administration, and changes following the UK's Brexit move.

Sanjeev Hota of Sharekhan said Infosys earnings are overall good. But since the IT company cut the upper end of its guidance, the stock took some knock, he added.

Infosys CEO Vishal Sikka in the earnings press conference also mentioned that Infosys is seeing "continued pricing pressure". This also hit the market sentiment, Mr Hota added.

During the third quarter, in dollar terms, Infosys reported revenues of $2,551 million for the quarter ended December 31, 2016, a decline of 1.4 per cent sequentially. However, it was in line with the Street's estimates. Infosys also reported a better-than-expected operating margin of 25.1 per cent.

In rupee terms Infosys' revenue fell to Rs 17,273 crore compared to Rs 17,310 crore in September quarter. Analysts polled by NDTV Profit had estimated its revenue at Rs 17,290 crore.

"Taking into account seasonal and other additional headwinds for the quarter, our Q3 revenue performance was broadly in line with our expectations," said Vishal Sikka, CEO and MD.

Attrition at Infosys declined sequentially by 0.8 per cent on standalone basis and 1.6 per cent on consolidated basis. "In a seasonally soft quarter, our utilization has remained healthy." said UB Pravin Rao, COO. "Our continued efforts to improve employee engagement and experience resulted in a reduction in attrition."

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News Network
May 4,2024

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Canadian Police said they have arrested three Indians they suspect were part of the alleged hit squad that had killed Hardeep Singh Nijjar, a Sikh separatist leader involved with the Khalistan movement, which calls for an independent Sikh state.

Nijjar's killing had become the epicentre of a diplomatic row between India and Canada last year after Prime Minister Justin Trudeau alleged the role of "Indian agents" in the murder. India had rejected the charge as "absurd" and "motivated".

The three arrested Indians - Karan Brar, 22, Kamalpreet Singh, 22, Karanpreet Singh, 28 - were living as non-permanent residents in Alberta for three to five years, said Superintendent Mandeep Mooker, who leads the Integrated Homicide Investigation Team. The police have also released their photos.

They have been charged with first-degree murder and conspiracy to commit murder, showed court documents.

Police said that none of the suspects were known to them earlier and they were investigating their possible ties to the Indian government.

The murder remains "very much under active investigation," Royal Canadian Mounted Police (RCMP) Assistant Commissioner David Teboul told a press conference on Friday.

"There are separate and distinct investigations ongoing into these matters, certainly not limited to the involvement of the people arrested today, and these efforts include investigating connections to the government of India," CTV News quoted him as saying.

Nijjar, a Canadian citizen who was wanted in India on various terror charges, was shot dead outside a gurdwara in Surrey on June 18, 2023. Trudeau's charge against India sparked a massive row later that year with both countries expelling diplomats of the other country.

A fresh row erupted earlier this week after separatist slogans on 'Khalistan' were raised at an event addressed by Trudeau, prompting New Delhi to summon their Deputy High Commissioner and lodge a strong protest.

On the sidelines of the event, Trudeau told reporters that Nijjar's killing had created a "problem" that he could not have ignored.

India rejected his comment and said it once again showed Canada provides political space given to separatism, extremism, and violence. "This not only impacts India-Canada relations but also encourages a climate of violence and criminality in Canada to the detriment of its own citizens," foreign ministry spokesperson Randhir Jaiswal said.

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News Network
April 25,2024

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Kolkata: Defence Minister Rajnath Singh or Transport Minister Nitin Gadkari could have been the prime minister, said Trinamool Congress supremo and West Bengal chief minister Mamata Banerjee, subtly taking a dig at the Bharatiya Janata Party leaders relegated to the second rung of the organisational echelons.

Banerjee’s nephew and the TMC general secretary Abhishek Banerjee, on the other hand, attempted to stoke trouble within the BJP’s unit in West Bengal, saying that at least 10 more state legislators of the saffron party were keen to join his party and in touch with him.

"You (Rajnath Singh) are surviving at the mercy of Modi (Prime Minister Narendra Modi). You are saluting Modi daily to save your chair. You or Nitin Gadkari could have been the PM (prime minister) today," the TMC supremo said in an election rally at Ausgram in Bolpur Lok Sabha constituency on Wednesday. "There would have been no problem...at least there would have been a gentleman in the chair who knows minimum courtesy," she added.

Banerjee was responding to Singh’s diatribe against herself and the TMC government led by her. The defence minister, who had addressed an election rally in Murshidabad on Sunday, had criticised the TMC government for alleged corruption and anarchy in West Bengal.

Singh had referred to the attacks on the Enforcement Directorate officials on January 5 during a raid at the residence of the TMC leader Sheikh Shahjahan at Sandeshkhali in North 24 Parganas district of the state. It was followed by an agitation by local women protesting against atrocities by Shahjahan and his aides known to be owing allegiance to the TMC.

Singh questioned how the state government, led by a woman as the chief minister, could allow such atrocities on women to take place. He went on to say that Banerjee had lost all ‘mamata’ (affection and compassion) for people.

Banerjee shared a cordial relationship with Singh since the days when they both were ministers in the central government led by then Prime Minister Atal Bihari Vajpayee. Singh avoided personally criticising Banerjee in the past.

He, however, went ballistic against Banerjee on Sunday, triggering a strong response from the TMC supremo on Wednesday.

"The BJP is trying to get into the game of breaking parties, but they can't win in it. They poached two of our MPs, and we replied by taking two of their MPs, Arjun Singh and Babul Supriyo. Recently, by using ED raids, they inducted Tapas Ray. At least 10 top leaders of the BJP are in the queue to join the TMC," Abhishek said in another election rally in Murshidabad on Wednesday.

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News Network
April 29,2024

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In yet another setback to the Congress party amid the ongoing Lok Sabha elections, its candidate from Indore Akshay Kanti Bam withdrew his nomination on Monday, April 29, days before voting.

Interestingly, he had reached the Collector's office with BJP MLA Ramesh Mendola to withdraw his nomination. He also reportedly joined BJP. 

Senior BJP leader and state cabinet minister Kailash Vijayvargiya in a post on X said Bam was welcome to join the BJP.

"Congress Lok Sabha candidate from Indore Akshay Kanti Bam is welcome in the BJP under the leadership of Prime Minister Narendra Modi, party national president J P Nadda, Chief Minister Mohan Yadav and state president VD Sharma," he said in the post.

The Congress had fielded Bam against sitting BJP MP Shankar Lalwani from the Indore Lok Sabha seat, where polling will be held on May 13.

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