Only social interaction with founders, says Parekh

Only social interaction with founders, says Parekh

Salil S Parekh, CEO and MD of Infosys on Friday said he would maintain only social interaction with co-founders of the company and respect them for their contribution in founding it.

"My hopes and expectations will be to connect with the founders. I pay respect to them in that light. Beyond that any other interaction will be in social environment like as we had at the Infosys Prize Event two days ago where many of the co-founders were present and shared pleasantries with each other," Parekh said.

Parekh also appreciated the co-founders of the company for what he called "creating a phenomenal company". "They have created something which will last for a very long time. Everything I have seen in the company so far only reconfirmed that," he told DH.

Parekh's predecessor Vishal Sikka had shared a tumultuous relationship with company's co-founders. This ultimately led to his unceremonious exit from the IT bellwether in August last year.

Among many concerns expressed by the company's co-founder N R Narayana Murthy about Sikka were the lack corporate governance and high salary.

According to Parekh, the four main pillars that the company would be focusing on are -- Market operations, client relations, people, service portfolio. "Anything we see as working for our clients will continue," he said.

Parekh also said that he will lay out strategic priorities for the company by April, for which a review is currently underway.

Infosys, for the third quarter ended December 2017, reported a net profit of Rs 5,129 crore showing a growth of 38.3% year-on-year compared with Rs 3,708 crore for the corresponding quarter last year.

Based on the client industry vertical, Banking and Financial Services, Insurance (BFSI) was the largest contributor to the revenues with a contribution of 33.1%, followed by Retail and Life Sciences (22.7%), Manufacturing and Hi-Tech (21.8%), and Energy, Utilities, Communications and Services (22.4%), during the quarter.

The amount of per share dividend recognised as distributions to equity shareholders for the nine months ended December 31, 2017 includes final dividend of Rs 14.75 per equity share and an interim dividend of Rs 13 per equity share. The earnings per share of the company grew by 39%, and stood at Rs 22.55, as against Rs 16.22 in the corresponding quarter last fiscal.

Meanwhile, Rajesh K Murthy, President, has resigned from the company citing personal reasons. The company has also acquired 79 new clients during the quarter, taking the number in the segment to 1,191, as against 1,173 in the previous quarter.

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