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Friday 13 April 2018

Parekh sets Infosys on course for faster growth

logoFor the first time in some while, Bangalore-based Infosys was first cab off the rank among the India-headquartered offshore services firms to report its FY results (Note: Cognizant is technically US-HQ'd and has a calendar year-end), which I guess was a statement of intent from new CEO, Salil Parekh, to re-establish the company's leadership in at least this respect.

These results marked Parekh's first full quarter at the helm and he made sure there were no surprises, reporting revenues for the 12 months to 31st March 2018 at $10.94b, 7.2% higher yoy and comfortably within the 6.5%-7.5% guidance range. Similarly, FY operating margins at 24.3% were within the guided 23%-25% range, and just 40bps below the year prior.

Parekh is projecting slightly higher growth and slightly lower profitability this year (FY19 to 31st March 2019) with revenues expected to rise between 7% and 9% in USD terms and operating margins to sit somewhere in the 22% to 24% range.

Infosys also announced the acquisition of the splendidly named US-based digital agency WongDoody for a maximum $75m. Going in the opposite direction are Kallidus/Skava (see Infosys misses, acquires and invests) and Panaya (see Infosys-Panaya: Big fanfare, low risk, little value), acquired under prior CEO Vishal Sikka, which Parekh has put in the shop window. They are expected to leave the premises by March next year.

Hopefully Parekh will be able to spend increasingly more time moving Infosys forwards and increasingly less time backtracking the many missteps of his predecessor.

Posted by Anthony Miller at '16:07' - Tagged: offshore   resullts  

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