Infosys, which saw months of bitterness amid former board members and founders, has postponed declaration of its earnings for the quarter from July to September by nearly 2 Weeks to next month.
Big Indian IT companies such as Tata Consultancy Services and Infosys more often than not declare their results in the initial fortnight post the conclusion of the quarter below review. Infosys last week informed stock exchanges that its panel will meet in next month to judge the payment of interim dividend and financial results for the quarter of September 2017.
In addition to this, Infosys will embrace analyst/investor calls in next month to talk about the business outlook and financial results, the notice claimed. This will be the first declaration of the earnings post R Seshsayee and Vishal Sikka quit the company, carving path for co-founder Nandan Nilekani to come back on August 24 as non-Executive Chairman.
When made contact, an Infosys representative claimed that the delay was on behalf of holidays in the upcoming week for Diwali and non-accessibility of dates of some panel members. TCS, the larger rival of Infosys, is scheduled to declare its results for the quarter of September in next month while numbers of Wipro are also due in the same week of next month as that of TCS.
Once believed to be a bellwether, Infosys has undergone through a disaster in the last couple of months comprising former board members and founders conflicting over problems, involving blames of ex-CFO being given large payment as “hush money,” poor governance, and assumed indiscretions in Panaya acquirement. Sikka, who was taken by co-founder N R Narayana Murthy into Infosys, resigned on August 18 mentioning slander. The Infosys panel, which was led by Seshasayee during that point, then blamed Murthy of operating a misguided movement and held him accountable for resignation of Sikka.
On the other hand, a week after on August 24, 3 other directors along with Seshasayee resigned the board, giving in to demand of Murthy for the board members along with Seshasayee to quit. This data was given by the sources having deep knowledge of the issue.