Tuesday , April 23 2019

Infosys appoints Ravi Venkatesan as Co-Chairman and the firm to payout $2 billion to the shareholders


Infosys today announced Independent director Ravi Venkatesan as co-chairman and the company return up to $2 billion to the shareholders during 2017-18.

Infosys had reported a marginal growth of net profit of Rs 3,603 crore by the end of the quarter March 2017.

The firm said on Thursday that it would pay up to $2 billion to the shareholders during the 2017-18 by the way of dividend and/or share buyback, because of a yielding pressure from the group of founders and former executives.

The firm also announced Ravi Venkatesan, who is an Independent director as the co-chairman of  Infosys, will look at the board part of the efforts and addresses the founders’ corporate governance concerns.

R Seshasayee, Infosys Chairman, said in a statement, “Ravi will help me enhance the board engagement in supporting the management in the execution of the company’s strategy.”

According to the reports of BSE filing by Infosys, the net profit of the firm came up to 0.2 percent higher than the Rs 3,597 crore in the last year.

The revenue of the firm grew to 3.4 per cent to Rs 17,120 crore in the March quarter which is higher than the previous year which amounts to Rs 16,550 crore. the firm also expects its revenue to grew in between 6.1 per cent and 8.1 per cent in terms of the dollar in 2017-18 and 6.5-8.5 per cent in constant currency terms.

The firm also said that it would return up to $2 billion to the shareholders in the fiscal year which would end in the March 2018, the payout will be decided by the members of the Board.

Moreover, the shares of the company fell to 2.4 percent in the early trading on Thursday and the industry had been hoping for the higher payout.

Vishal Sikka, Infosys CEO said, that the firm has faced unexpected challenges and disruptions in the seasonally soft quarter have impacted the overall performance.

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