Infosys puts up its subsidiaries Skava and Panaya for sale

An employee is seen behind an Infosys logo at the company's campus in the southern Indian city of Bangalore September 23, 2014. Infosys Ltd's new CEO Vishal Sikka has come up with a novel approach to reviving the financial fortunes of India's trailblazing outsourcing firm: use Facebook at work, tweet, but get the job done. Infosys has long been run as a conservative company known for keeping strict tabs on work hours and sometimes fining employees for not wearing ties on specific days. Such cheerless self-regard could not have come at a more challenging time, analysts say. To retain talent, Sikka hopes to create a more employee-friendly workplace. To match story INFOSYS-CEO/STRATEGY REUTERS/Abhishek Chinnappa (INDIA - Tags: BUSINESS SCIENCE TECHNOLOGY EMPLOYMENT) - RTR47FIS

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Infosys has made a strategic review of its portfolio of businesses during the financial year 2017-18 and put up two subsidiaries on sale.

"In the quarter ended March 2018, the company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as Skava) and Panaya," the country's second largets IT services provider said in its filing.

The company anticipates completion of the sale of these subsidiaries by March 2019.

"Accordingly, assets amounting to Rs 2,060 crore (USD 316 million) and liabilities amounting to Rs 324 crore (USD 50 million) in respect of the disposal group have been reclassified and presented as 'held for sale', it said.

On reclassification, the company said it has recoganised an impairment loss of Rs 118 crore (USD 18 million) in respect of Panaya in the consolidated profit and loss for the quarter and year ended March 2018.

The corresponding write down in the investment value of Panaya in the standalone financial statements is Rs 589 crore (USD 90 million), it added.

Infosys reported a 28 percent fall in its March quarter profit at Rs 3,690 crore and 1.6 percent growth in rupee revenue at Rs 18,083 crore compared to previous quarter.

Dollar revenue during the quarter increased 1.8 percent and in constant currency the growth was 0.6 percent which was in line with estimates.

"I am pleased with healthy revenue growth, profitability, and cash generation in Q4. Our robust performance is a reflection of the strong impact we have with our clients and the dedication of our employees," Salil Parekh, CEO said.