Infosys to sell Panaya

Infosys Q4 net profit falls 28% sequentially to Rs 3690 cr; buys digital creative WongDoody Holding for $75 mn

It has also initiated an identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava and Panaya. "We will execute our strategy around the four pillars of Scaling our Agile Digital business which is today Dollars 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".

Infosys forecast 6 to 8 percent revenue growth for the year to March in constant currency terms, which was in line with expectations, local brokerage KotaK Securities said in a flash note after the results.

Infosys on Friday forecast its revenue in the current fiscal year would rise by 6 to 8 per cent as India's second-biggest software services exporter said it would pay shareholders a special dividend.

INKED DIGITAL DEALS WORTH OVER $3 BILLION The company will rely on artificial intelligence and automation to win digital deals, reskill employees and hire more locals in markets such as US, Europe, and Australia.

"Our operating margins during the quarter and fiscal 2018 were resilient due to unwavering focus on productivity and operational efficiency, leading to a robust cash generation".

Infosys reported quarter-on-quarter (QoQ) growth of 0.6 percent in constant currency and 1.8 percent in reported terms. "It will be effective July 1, 2018, and it is for both onsite and offshore employees", Infosys COO Pravin Rao told reporters. The company expects the sale to be completed by March 2019.

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Later in October, the Infosys board - under its new chairman Nandan Nilekani - gave a clean chit to the controversial Panaya acquisition, saying there was no merit in the allegations of wrongdoing.

Sikka, who joined Infosys from German software giant SAP SE in 2014, resigned previous year, blaming a "continuous drumbeat of distractions" and a long-running row with the founders over company strategy. 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.

"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", Infosys said. "We are continuing to look to what will fit into the digital framework", Salil Parekh, MD & CEO of Infosys said.

The new capital allocation policy has promised a payout of about Dollars 2 billion to shareholders.

The company reported 28.1 per cent sequential decline in consolidated net profit to Rs 3,690 crore for the fourth quarter in rupee terms. Ranganath said the firm was generating higher margins in digital deals and is looking to sustain this over the coming months.

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