On Friday, the company said it will sell Panaya and Skava, the two significant acquisitions made under Sikka, and which was part of the latter's strategy to infuse an element of software products into what has been primarily an IT services company. "We will execute our strategy around the four pillars of Scaling our Agile Digital business which is today Dollars 2.79 billion in revenue, Energizing our client's Core technology landscape via AI and automation, Re-skilling our employees, and Expanding our localization in markets such as US, Europe, and Australia". Revenue in constant currency terms was up 0.6 per cent sequentially (6.4 per cent y-o-y).
Infosys had reported a 7.4% dollar revenue growth (8.3% in constant currency terms) and a 24.7% operating margin in 2016-17. The company anticipates completion of the sale by March 2019.
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"Infosys' FY19 revenue guidance is in line with our expectations, while margin guidance disappoints a little bit considering its additional investments in digital and setting up onsite delivery centres", Sanjeev Hota, AVP - Research, Sharekhan by BNP Paribas said in a note.
Last year, the Infosys board under new chairman Nandan Nilekani gave a clean chit to the Panaya acquisition, saying there was no merit in the allegations of wrongdoing. "It is neither spectacular nor dismal, yet the optimism looming in the background with new leadership bringing in a refreshed strategy focused more strongly on the marketplace rather than internal issues can be sensed in investor sentiment", said Sanjoy Sen, Doctoral research scholar, Aston Business School, UK. It believes that Infosys trajectory has bottomed-out and an uptick in the business is imminent.
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The company also announced the acquisition of WongDoody Holding Company, a US-based digital creative and consumer insights agency for a total consideration of $75 million including contingent consideration and retention payouts, subject to regulatory approvals and fulfilment of closing conditions, Infosys said. Parekh said Skava and Panaya did not fit into the direction the company wanted to take.
In the three months as CEO, Parekh has engaged with employees and clients, and set out what he calls "navigating your next" to engage with clients to adopt digital services. It grew 2.4 per cent y-o-y to Rs 36.9 billion.
While Infosys expects the sale to be completed by March 2019, it said that assets amounting to Rs 2,060 crore ($316 million) and liabilities of Rs 324 crore ($50 million) in respect of this group have been reclassified and presented as "held for sale" in its books.
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