Business Today
Post Vishal Sikka exit, Infosys to announce Q2 earnings on October 24
For the first time in several years, the Bengaluru-based firm will not be among the first ones to announce its Q2 earnings in the first week of this month.
Post Vishal Sikka exit, Infosys to announce Q2 earnings on October 24

Infosys, which recently saw several changes at the board level after the resignation of former CEO Vishal Sikka, on Tuesday said it would announce quarter and half-year ended September 30, 2017 financial results on October 24.

For the first time in several years, the Bengaluru-based firm will not be among the first ones to announce its Q2 earnings in the first week of this month.

The company has not given any reason for the delay in the scheduled date of earnings.

Infosys had given October 13, 2017 as the tentative date for announcing the financial results for the September quarter in its earnings release for the first quarter.

Also read: Infosys promoters offer shares worth Rs 2,038 cr for buyback

In a release to the BSE, the company said on Tuesday night that a meeting of the Board of Directors of the Company would be held on October 23, 2017 and October 24, 2017, inter alia, to consider the audited consolidated financial results of the company and its subsidiaries as per Indian Accounting Standards (IndAS) for the quarter and half year ending September 30, 2017.

This will be the first set of earnings post the return of former CEO Nandan Nilekani to the company.

Co-founder Nandan Nilekani was the CEO of the company from March 2002 to April 2007.

Also read: Former Infosys Chairman Seshasayee calls Murthy's charges untrue, offensive

Under Nilekani, Infosys is looking for a new CEO after Vishal Sikka left the position post clashes with promoters and co-founder NR Narayana Murthy.

The company has appointed executive search firm Egon Zehnder to find a replacement for Sikka.

Infosys has been involved in a crisis since earlier this year after the IT service provider was in news for giving unusual hike to its top executives. UB Pravin Rao who is currently serving as interim-CEO got over 33 per cent hike in annual compensation. Not only that, the Infosys gave severance pay of Rs 12 crore to its former CFO Rajiv Bansal.

These two decisions of the Board did not go well with the founders. Speaking on the hike to Pravin Rao, NR Murthy said: "The impact of such a decision (compensation hike) is likely to erode the trust and faith of the employees in the management and the board."

On Rajiv Bansal's severance pay, former Board member Mohandas Pai said that never before in the history of Infosys someone had got this much money for leaving the company. Narayana Murthy had also questioned the large payment to Rajiv Bansal and termed it a 'hush money'.

All these decisions were taken under former Infosys CEO Vishal Sikka who last month decided to quit saying that he was personally attacked. After Sikka's exit, it was felt that someone was needed who could fix the governance issue at Infosys.

Then Nandan was brought back. Soon after taking over as Chairman, Nilekani told the investors that he was committed to the highest standard of corporate governance and would bring back the firm on super-stable high growth path.

Get latest news & live updates on the go on your phone with our News App. Download The Business Today news app on your device
More from BIZ WRAP