He said that the new leadership was being handed a healthy and strong company which underwent a period of turbulence over the past couple of years. Infosys has, in the recent times, been lagging peers like TCS, HCL and Cognizant in its business performance and revenue returns triggering a flux in the company that has lead to rapid leadership changes.
The company bettered market expectations during the first quarter, registering a 13 per cent year-on-year increase in revenues at Rs 12,770 crore with a 21 per cent increase in net profit at Rs 2,886 crore. In dollar terms the revenue was $2,133 million, a 7 per cent year-on-year growth. The company has stuck to an annual performance projection of a 7-9 per cent increase in revenue for the current fiscal that was made at the start of the year.
Infosys founder NR Narayana Murthy, who retired in 2011, returned to the company last year as it struggled against peers and stepped down only last month following the appointment of the new leadership team for the company under Sikka.
In the last two years we have not been happy with our own performance. It is important for us to have sustainable growth and industry standard growth. our aspiration is always to have superior financial performance which means that it matches average industry growth. That remains top priority and I am sure that it will remain top priority for Vishal (Sikka) and Pravin (Rao) as well, Shibulal said.
Shibulal indicated that Infosys had emerged largely unscathed out of a very challenging period in the companys history in the last two years where the external economic environment and internal challenges put pressure on the company as a whole.
Our challenges were an investigation by the US justice department (on visa usage), our challenges were employee retaliation, our challenges were not being able to get visas, our challenge was the transition from Infosys 2.0 to 3.0 all Infosys specific challenges. We went through a tough time. At the same time there were external challenges, he said.
We have completed the cases, we have settled the suit for $34 million which is one of the lowest number I can imagine, we have closed all the cases. We have won many of them. Last year we have crossed Rs 50,000 crore in revenues, we have Rs 30,000 crore in cash in the bank, Shibulal said.