Infosys forecasts revenue rise, to pay shareholders a special dividend

Now Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya

"In the quarter ended March 31, 2018, on conclusion of a strategic review of its portfolio of businesses, the company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava") and Panaya (collectively referred to as "disposal group")", Infosys said in a regulatory filing. The new Parekh, laid out a new strategic plan for the IT major, that the company would follow in the upcoming year.

How this strategy pans out will come to light in the next few quarters, but industry experts seem optimistic. Infosys expects to perform better this fiscal compared to the last one. "It is neither spectacular nor dismal, yet the optimism looming in the background with new leadership bringing in a refreshed strategy focused more strongly on the marketplace rather than internal issues can be sensed in investor sentiment", said Sanjoy Sen, Doctoral research scholar, Aston Business School, UK.

Furthermore, Infosys said it has entered into a definitive agreement to acquire WongDoody Holding Company Inc., a US-based digital creative and consumer insights agency, for a total consideration of up to $75 million.

The units being hived off were acquired under Sikka.

Sikka eventually resigned last August fed up with what he called the "constant drumbeat" of accusations that had taken "the excitement and passion of this journey (as Infosys CEO)".

"The promise of a refreshed strategy appears to be transformational in nature rather than just "nibbling around the edges" or making superficial changes".

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However, analysts expect clarity on how the company is looking to fill in some of the top-level positions-which are vacant after a string of senior management exits over the past 12 months-as well as details on mergers and acquisitions and the $500-million Infosys Innovation Fund and the road map for the company's products and platforms (Edgeverve) business. The IT firm said it would stick to its policy of returning up to 70 per cent of its free cash, adding that it had identified up to Rs 130 billion which would be paid to shareholders including a special dividend payout worth Rs 26 billion.

Infosys, India's second largest software exporter, announced a rise in consolidated net profit for the quarter ended March 2018.

Operating Profit rose 6.2% at Rs 4,472 crore. This will include the impact from revised compensation for FY19.

The company's outlook (consolidated) for the fiscal year ending March 31, 2019, revenues are expected to grow 6%-8% in constant currency; revenues are expected to grow 7%-9% in Dollars terms based on the exchange rates as of March 31, 2018.

The company has forecast its revenue to grow at 6-8 per cent in constant currency and 7-9 per cent in dollar terms for the financial year 2018-19.

Infosys shares closed at Rs 1,169 apiece on Friday on BSE, up 0.58 per cent over its previous close.

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