Infosys co-founder NR Narayana Murthy has spoken out on 'differences' with the board. In an interview to Network18, he questioned the 30-month severance pay given to former CFO Rajiv Bansal. Hope Bansal was not paid because he had any "damaging information", he added.
Srinivas, who has been recent elevated as the president of India‘s largest IT services exporter, added that the company‘s strong focus is on internal efficiencies and is trying to leverage efficiency factors to increase margins.
Zinnov's S Vishwanathan says the talks about the restructuring move had been doing rounds since July.
Shibulal says that out of 37 clients addition during the quarter, five of which are Fortune 500 companies, adding, "We have closed five-six large deals. Our large deals are mostly USD 50 million and above. It will get realised over the next three-five years. We have top 25 grown by 3.3 percent and non-top 25 has also grown by 3.4 percent or so."
IT bellwether Infosys surprised the street with better-than-expected results for the third quarter. It raised full year guidance sending its shares soaring 12 percent in morning trade.
Infosys has had a string of misses last few quarters and again disappointed on Friday with Q2 results barely in-line with street expectations and a deeper cut in full year EPS guidance. But even as the street was crunching the numbers, it sprang a surprise by announcing that V Balakrishnan, its CFO, would be giving up his post from Oct 31.
India's second-largest software services exporter Infosys is swapping the heads of its manufacturing & engineering and financial services & insurance business verticals.
IT major Infosys reported a better than expected numbers in the third quarter of FY12. However, the company disappointed with its dollar revenue guidance for the fourth. In an interview to CNBC-TV18, the management discuss the quarter gone by and give their outlook going forward.
IT bellwether Infosys declared its results for the first quarter of the financial year 2011-12. The management said, this quarter Europe, in reported currency terms, was weak or flat. “It is not surprising, given the current sentiments in Europe. But at the same time, if you look at core businesses, we see a fair degree of stability.”
With the announcement of the new chairman, Infosys will, on Saturday, kick-start its biggest management restructuring ever. But will it manage to keep everyone happy?