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Infosys retains 10-12 percent revenue growth forecast

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Bengaluru: Software major Infosys has maintained its annual revenue guidance, or expected rise in income, at 10-12 percent for this financial year — or what it had projected in April. In dollar terms, though, the guidance has been revised upward by 100 basis points.Infosys

“We have retained revenue guidance at 10-12 percent year-in-year (YoY) in constant currency but increased it to 7.2-9.2 percent YoY in dollar terms from 6.2-8.2 percent YoY projected in April for FY 2016,” the IT bellwether said in a regulatory filing with stock exchanges on Tuesday.

The city-based outsourcing major reported consolidated revenue of Rs.53,319 crore for last fiscal (2014-15) in rupee terms and $8.7 billion in dollar terms, which was 6.4 percent growth YoY in rupee terms and 5.6 percent in dollar terms.

The IT outsourcing major has discontinued giving a quarterly revenue guidance in percentage and numbers since fiscal 2014.

The company’s conversion rate for rest of the fiscal 2016 is Rs.63.65 per US dollar.

(IANS)

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Ravi Venkatesan Quits As Infosys’ Independent Director

An independent director since 2011, Venkatesan also served briefly as co-chairman before successfully transitioning this responsibility when Nandan Nilekani became chairman in August 2017.

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Infosys' independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.
Ravi Venkatesan quit as Infosys' independent director, wikimedia commons

Infosys’ independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.

The Bengaluru-based IT major, in a statement, said that Venkatesan plans to pursue an “exciting new opportunity”.

“I joined the board at a time when Infosys was beginning the complex journey of transitioning from founder-led to professional management. This was also a time of tectonic industry shifts. I am pleased that this mission has been accomplished. Infosys is strong, in good hands, and is gaining momentum,” Venkatesan said.

Infosys' independent director Ravi Venkatesan has resigned from the board with immediate effect, the company said on Friday.
Infosys Logo, wikimedia commons

An independent director since 2011, Venkatesan also served briefly as co-chairman before successfully transitioning this responsibility when Nandan Nilekani became chairman in August 2017.

It may be recalled that India’s second largest IT exporter, Infosys, had seen protracted stand-off between its founders led by NR Narayana Murthy and the previous management over issues of corporate governance and compensation to former executives.

The tussle had led to the sudden resignation of the then CEO Vishal Sikka last year.

Salil Parekh joined the Bengaluru-based company as the new CEO in January this year. (IANS)