Infy will achieve $20 bn revenue target, says Sikka

Exuding confidence in the reinvention of the company to achieve $20 billion revenue target, Infosys CEO and Managing Director Vishal Sikka said on Monday that the recent churning in the company has started paying dividends.

“As I look over the last year, I already see many promising signs for the future. For one year ended March 31, 2015, consolidated revenues were Rs 53,319 crore, which is a year-on-year growth of 4 per cent. The improvement in operating margins also reflected in net profits growing by 15.8 per cent to Rs 12,329 crore during the year,” Sikka told shareholders at the company’s 34th annual general meeting.

According to Sikka, the organisational restructuring was to increase focus on expanding client relationships, while at the same time defragmenting its service lines to enable innovation and better solution building.

Allaying fears of becoming a product company, Sikka said that the company will focus on building its core competence. “Infosys wants to give value added services to its clients. We want to manage cost and increase profit but we are going to be a IP-led services company,” he said.

Commenting on the Pannaya and Skava acquisitions, he said Infosys has already provided its 12 clients with Pannaya services. “All these acquisitions will give results in the years to come to give value to the costumers and the company,”he said.

Speaking at the AGM meeting, Infosys’ non-executive chairman R Seshasayee, who took over the mantle from K V Kamath on June 5, said that new technologies are posing challenges and opportunities.

“We are in the midst of tremendous changes in the IT industry and our company. The board fully supports the strategic direction taken by the new management and we are confident of desired outcomes in the coming years," said Seshasayee.

Murthy Miracle
Infosys co-founder and former chairman NR Narayana Murthy said that he is confident that the company would achieve its target of $20 billion revenue by 2020 under  Sikka.
“He has an aspirational target. We should all support and pray that he succeeds. I wish (Sikka) the best for the future,” Murthy told reporters on the sidelines of the AGM.
Murthy said there is absolutely no doubt that everybody on the podium is smart, dedicating and hardworking.

“Today we have a very good set of people running the company. They should run the company, we should all support them and cheer them from outside, so there’s no need for anybody from outside to get back into Infosys,” Murthy said.