Infosys Ltd Q4 Net Profit at Rs. 3690 crores

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

Mumbai: Infosys has chose to sell Panaya and Skava Systems Pvt Ltd - the two controversial acquisitions that former chief executive Vishal Sikka had made in 2015, triggering a rash of accusations against him for personal impropriety and enrichment that were never proven even after three independent investigations. "We will execute our strategy around the four pillars of scaling our agile digital business which is today $2.79 billion in revenue", he added.

On yearly basis, net profit growth for Q4 was 2.4 per cent and revenue growth 5.6 per cent in rupee terms.

Infosys said upon reclassification, an impairment loss of ₹118 crore ($18 million) in respect of Panaya has been recognised in the consolidated profit and loss for the quarter and year ended March 31, 2018.

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"The acquisition fits into the digital scale up for us". Infosys expects operating margin at 22-24 per cent range in FY19. It has projected a growth rate of 6-8% on constant currency basis. During the year, the company implemented the capital allocation policy including the successful closure of United States dollars 2 billion share buyback program in December 2017 and healthy increase in Dividend Per Share for the year, " said M.D. "Employee utilization remained healthy".

It had posted a net profit of Rs 3,603 crore in the year-ago period according to IFRS accounting norms, Infosys said in a BSE filing.

Parekh told reporters that Panaya had changed part of its market focus after the acquisition which contributed to the decision to put it up for sale.

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The company was also under fire from its founders previous year over the Panaya deal, when the latter had questioned corporate governance practices related to the deal.

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. MD Ranganath, chief financial officer at Infosys, was more candid in saying that both firms did not "fully align" with its future strategy.

The Infosys board also appointed Kiran Mazumdar-Shaw, independent director as the Lead Independent Director of the Board.

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Significantly, in the past, when Infosys was run by its founders, the company used to host an analyst day annually-a practice that got diluted when the first non-founder CEO Sikka took over in 2014. Unlike Sikka - who hired a number of executives many from his former employer German software maker SAP - Parekh has preferred to harness the existing leadership at Infosys to build his business. "Navigating Your Next" is our aspiration of how we will partner with each one of our clients." said, CEO. In the December quarter, Infosys's net profit included the positive impact of Rs 1,432 crore on account of conclusion of an APA with the US IRS, the company said in a release. It grew 2.4 per cent y-o-y to Rs 36.9 billion.

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