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Rao, who is retiring in December, joined Infosys in 1986. He has held a number of senior leadership roles including Interim Chief Executive Officer and Managing Director, Head of Infrastructure Management Services, Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences.
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Infosys COO UB Pravin Rao told Moneycontrol the second wave of COVID-19 has been 'pretty stressful' compared to the first wave as the challenge was completely different this time around.
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In an e-mail to staffers, Rao acknowledged that the road ahead will not always be easy, but asked them to stay focused.
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In an email to his staff, UB Pravin Rao made it clear at the outset that Infosys will “continue to execute on the strategy we have laid out for ourselves.”
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In every corporate spat, the biggest price is usually paid by the minority shareholders and Infosys is unlikely to be any different.
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Whether this is a particularly unpleasant hiccup for the Infy stock or the beginning of the end will depend on how well the company’s board has understood the Sikka mantra and the kind of individual they get as a replacement.
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The Board has, over the course of the past year, tried to resolve the concerns raised by the founders but has been unsuccessful, the Infosys board said in a letter.
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While the Donald Trump administration has accused Indian IT companies of taking lion’s share of H-1B visa, a recent data shows that American companies use majority of these visa for foreign professionals.
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Infosys co-founder Narayana Murthy has questioned the pay hike given to COO Pravin Rao.
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After a month's lull, co-founder Narayana Murthy, who has taken on the management over what he says are poor corporate governance standards at Infosys, has fired a fresh salvo.
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Infosys today said its shareholders have approved the proposal to adopt a new Articles of Association (AoA), bringing provisions for buyback of shares and appointment of independent directors. It added that they also approved a pay hike for COO Pravin Rao.
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The country's second largest IT services exporter lowered its constant currency revenue growth guidance to 10.5-12 percent from 11.5-13.5 percent.
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Rao said margins may stay pressured in the near term and don‘t expect significant relief on margin in near-term. He also reiterated that client spend on IT is not really increasing.
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Infosys expects constant currency revenue growth in FY17 at 11.5-13.5 percent and dollar revenue growth at 11.8-13.8 percent over FY16, which is far better than industry guidance.
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In an interview with CNBC-TV18‘s Kritika Saxena, CEO Vishal Sikka that a combination of factors drove the results: higher volumes, deal wins as well as innovation-led efficiency improvements.
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The software services exporter has revised dollar revenue growth guidance upwards to 8.9-9.3 percent from 6.4-8.4 percent earlier and also raised revenue guidance to 12.8-13.2 percent in constant currency from 10-12 percent earlier.
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Consolidated net profit fell 2.16 percent sequentially to Rs 3,030 crore and revenue rose 7 percent to Rs 14,354 crore in the quarter ended June.
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Infosys missed street estimates on Friday with the profit falling 4.7 percent sequentially to Rs 3,097 crore in the quarter ended March 2015. Infosys expects FY16 revenue to grow 10-12 percent in constant currency terms while hopes for rupee revenue growth at 8.4-10.4 percent.
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Infosys' attrition (on last 12 months basis) stood at 20.4 percent for the quarter ended December 2014, slightly higher than 20.1 percent registered in the July- September 2014 quarter.
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Sikka is keen to transform Infosys into a next generation services company and is looking to renew all the services the company offers. He has a long-term target to grow at 15-18 percent. The company‘s long-term EBIT margin range is 25-38 percent.
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Infosys has reported a 7 percent growth in second quarter (July-September) profit at Rs Rs 3,096 crore quarter-on-quarter and dollar revenue grew 3.2 percent to USD 2,201 million.
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In a call with analysts, Infosys President UB Pravin Rao said he was expecting to witness quarterly volatility in discretionary spends of IT companies. Rao also said he expected challenges in spends from Infosys‘ clients in the telecom, pharma and utilities sector while banking and manufacturing should do well.
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Zinnov's S Vishwanathan says the talks about the restructuring move had been doing rounds since July.
