Infy Q4 up 2.4%; new CEO Salil Parekh charts out roadmap

Infosys CEO Salil Parekh. Infosys used to host an analyst day annually when it was run by its founders—a practice that got diluted when CEO Vishal Sikka took over in 2014

Mumbai: Bengaluru-based IT bellwether Infosys on Friday said that its net profit for the fourth quarter rose 2.4 per cent to Rs 3,690 crore compared with the same period previous year.

In a regulatory filing on the BSE, the IT firm said its board had agreed to pay out a total dividend of Rs 33.50 per share (670 per cent), including Rs 20.50 (410 per cent) final dividend and Rs 13 (260 per cent) interim dividend and a special dividend of Rs 10 per share (200 per cent).

FY18 revenues grew by 7.2 percent in United States dollars terms, 5.8 percent in constant currency terms, with operating margins at 24.3 percent, which was in line with expectations.

Under the International Financial Reporting Standards (IFRS) in dollar terms, consolidated net income also declined 28.1 per cent sequentially to $571 million but gross income was up 1.8 per cent sequentially to $2,805 million.

The Bengaluru-based company, which faced a spat between its founders and the board during the just-ended financial year, reported that its full-year net profit rose 11.7 per cent to Rs 16,029 crore. The analysts estimated the company to report a net profit of $569.89 million, or Rs3,702 crore, in the period.

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The IT bellwether has put its subsidiaries Skava and Kallidus, together known as Skava, and Panaya on the block and expects to complete their sale by March 2019. "I'm happy with our performance", said CEO Salil Parekh in a post-earnings conference.

Infosys also approved a definitive agreement to acquire Wongdoody holding Company Inc, a US-based creative and consumer insights agency for a total conside ration of up to $75 million (approximately Rs 489 crore).

"We will execute our strategy around the four pillars of Scaling our Agile Digital business which is today $2.79 billion in revenue, Energizing our client's Core technology landscape via AI and automation, Re-skilling our employees, and Expanding our localization in markets such as US, Europe, and Australia", he added. "We will be rolling out compensation increases for a large part of our workforce effective April 1st", Rao added.

Infosys said it has made a decision to sell subsidiary Panaya, the Israeli firm whose acquisition became a contentious issue between the erstwhile management led by Vishal Sikka and the founders. Infosys expects operating margin at 22-24 per cent range in FY19. "In addition to the above, out of the cash on the balance sheet, the board has identified an amount of up to Rs13,000 crore to be paid to shareholders". Infosys said that its revenues are set to rise at a rate between 6-8 percent. The company said it anticipates 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).

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