Infosys net rises 2.4%; to sell Skava, Panaya

Infosys net rises 2.4%; to sell Skava, Panaya

Infosys net rises 2.4%; to sell Skava, Panaya

Meanwhile the company said it has chose to sell its subsidiary Panaya - the Israeli firm whose acquisition became a contentious issue between the founders and the erstwhile management led by Vishal Sikka.

He further said that the company will execute its strategy around the four pillars - scaling their digital business, teaching new skills to their employees, expanding localisation in United States, European and Australian markets, and energizing client's core technology landscape via Artificial Intelligence and automation.

The company has forecast its revenue to grow at 6-8 per cent in constant currency and 7-9 per cent in dollar terms for the financial year 2018-19.

Infosys Ltd, India's second-biggest software services exporter, posted a 2.4 percent rise in its fourth-quarter net profit, roughly in line with analysts' estimates.

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However, it revised the EBIT margin guidance downwards to 22-24 percent from 23-25 percent. Employee utilization remained healthy, " said Pravin Rao, COO. The profit for the March quarter was lower compared to the previous quarter (October-December), during which profit was boosted by reversal of an income tax provision of Rs 1,432 crore.

Co-founder and non-Executive Chairman of Infosys Board Nandan Nilekani also found no wrongdoing in Panaya's acquisition, reaffirming findings of external investigations that there was no merit in the allegations.

When asked whether this would impact future acquisitions, Chief Financial Officer MD Ranganath pointed out that the company will always look at strategic fits whenever it's looking at an acquisition. During the year, the company implemented the capital allocation policy including the successful closure of Dollars 2 billion share buyback program in December 2017 and healthy increase in Dividend Per Share for the year, " said M.D.

Furthermore, Infosys said it has entered into a definitive agreement to acquire WongDoody Holding Company Inc., a US-based digital creative and consumer insights agency, for a total consideration of up to $75 million.

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The company was also under fire from its founders past year over the Panaya deal, when the latter had questioned corporate governance practices related to the deal.

"We believe that Infosys could save most of the key strategy messages for its Analyst Day on April 23", Keith Bachman, an analyst with BMO Capital Markets, wrote in a note dated 11 April. "Navigating Your Next" is our aspiration of how we will partner with each one of our clients, " said Salil Parekh, CEO. Operating margins stood at 24.3%.

This will be done through a special dividend of Rs 10 per share (resulting in a payout of about Rs 2,600 crore in June 2018). The company said it anticipates completion of the sale by March 2019 and accordingly, assets amounting to Rs 2,060 crore ($316 million) and liabilities amounting to Rs 324 crore ($50 million).

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As agreed from the beginning of the process, the search firm did a detailed background check that the board received on March 19. She also now participates as a student leader on the district's Sanctuary District Task Force, while maintaining a 4.0 GPA.

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